- Vietnam has emerged as a large beneficiary amid the U.S.-China trade deal. A new deal is solidifying Hanoi’s privileged position.
- Vietnam and the European Union on Sunday inked a first-of-its-kind trade deal that will eliminate 99% of tariffs on goods imported from the Asian developing nation to the bloc.
- Meanwhile, the U.S. government is signalling that it could be aiming to exact trade concessions out of Hanoi.
As the ongoing U.S.-China tariff battle upends global trade, many countries are worried about suffering ill effects. The EU-Vietnam deal demonstrates, however, that Hanoi is poised to come out of the era as one of the great beneficiaries.
And even though U.S. President Donald Trump suggested recently that Vietnam could be his next major tariffs target, the new deal is likely to provide economic cushion for the Southeast Asian nation. In fact, the European Union described the EU-Vietnam Free Trade Agreement as “the most ambitious free trade deal ever concluded with a developing country.”
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