President Donald Trump announced that Vietnam is seeking to drop tariffs on U.S. goods.
“Just had a very productive call with To Lam, General Secretary of the Communist Party of Vietnam, who told me that Vietnam wants to cut their Tariffs down to ZERO if they are able to make an agreement with the U.S.,” Trump wrote on Truth Social. “I thanked him on behalf of our Country, and said I look forward to a meeting in the near future.”
Following Trump’s announcement, shares in companies with operations in Vietnam rose on the market, Bloomberg reported. Nike shares gained as much as 5.9% while On Holding AG and Skechers USA Inc. rose 8%. Lululemon shared increased 4%.
Shares in appliance company SharkNinja Inc. gained 8.4%, while Wayfair rose 7.3%.
Several other companies, including Gap Inc., Abercrombie & Fitch Co., and Victoria’s Secret & Co., had shares increase as much as 8%, the report noted.
A report from Vietnam’s government portal confirmed the call with Trump.
“General Secretary To Lam highly welcomed the exchange, during which the two leaders reiterated their wish to further bolster bilateral cooperation for the benefits of both countries, and contribute to peace, stability, and development in the region and the world,” the report said. “The two leaders also shared the view that the relationship between Viet Nam and the U.S. has been thriving in many areas.”
The leaders also discussed “trade cooperation between the two sides,” noting that Vietnam is “ready to negotiate with the U.S. to reduce the tariffs on U.S. exports to Viet Nam to 0%, and requested the U.S. to do the same for Vietnamese exports to the U.S.,” the report read.
