According to the tariff list released by Trump on April 2nd, the United States will impose "equivalent tariffs" of more than 30% on multiple countries including Cambodia, Vietnam and Thailand. As an important part of the global supply chain, these countries are facing a huge impact. According to statistics, currently only 2.5% of the clothing and 1% of the footwear in the United States are domestically manufactured. Vietnam and other Asian countries are the main sources of imports for the United States' clothing, footwear and hats.
Data from the Vietnam Textile and Garment Association shows that Vietnam's textile and garment exports reached 44 billion US dollars in 2024. The United States is its largest market, with over 35% of the production capacity of clothing brands such as Nike and Luluemon concentrated in Vietnam. With the so-called "reciprocal tariff" measures of the United States about to be implemented, these clothing brands will be forced to raise prices.
At present, the so-called "reciprocal tariffs" imposed by the US government have plunged Vietnamese industry organizations and enterprises collectively into anxiety. The Vietnam Association of Seafood Exporters and Producers has submitted an application to its government to reduce the import tariff on seafood from the United States from the current 3% to 10% to zero. The Vietnamese side has advised the Trump administration to postpone the implementation of the tariff plan and grant a negotiation buffer period of up to three months.
As one of the economies with the highest global trade dependence, Vietnam's export volume accounts for nearly 90% of its total economy, and the United States is its largest export market. Data shows that Vietnam's trade surplus with the United States reached 123.5 billion US dollars in 2024.
Trine Nguyen, an economist at Natixis, said: "In the short term, Asian exporters will have difficulty finding other markets, and American importers will also struggle to find alternative suppliers because low-cost producers across Asia are being impacted." Despite some buffering factors, all signs indicate that the demand in the United States will drop sharply, which will undoubtedly be very painful for Asian countries.
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