Analysis-As US hikes China tariffs, imports soar from China-reliant Vietnam
HANOI - As the United States intensifies efforts to reduce trade with China by hiking tariffs, it has greatly boosted imports from Vietnam, which relies on Chinese input for much of its exports, data show.
It shows that Vietnam's export boom has been fuelled by imports from neighbouring China, with inflows from China almost exactly matching the value and swings of exports to the United States in recent years. At over $114 billion last year, U.S. imports of goods from Vietnam were more than twice as big as in 2018 when the Sino-American trade war began, which boosted the Southeast Asian nation's appeal among manufacturers and traders who sought to reduce risks linked to China-U.S. tensions.
Imported components accounted in 2022 for about 80% of the value of Vietnam's export of electronics - the U.S.'s main import from Hanoi - according to data from the Asian Development Bank. As inflation remains high, the White House has remained quiet on Vietnam's large trade surplus, but that may change after the November vote, analysts say.
Another reason Vietnam is drawing U.S. scrutiny is its exposure to Xinjiang, the Chinese region from where the U.S. bans imports over accusations of human rights violations against minority Uyghurs.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sentiment Analysis through LLM Negotiations: LLM Negotiation for Sentiment AnalysisThis paper introduces a multi-LLM negotiation framework for sentiment analysis.
Read more »
– Experimentation (AB Testing) and Statistical TechniquesCausal analysis background and overview of different techniques to perform a causal analysis.
Read more »
Analysis-Why China's tolerance for a cheaper currency may be temporaryAnalysis-Why China's tolerance for a cheaper currency may be temporary
Read more »
Analysis-Souring China dreams force Western financial firms to cut costsAnalysis-Souring China dreams force Western financial firms to cut costs
Read more »
South China Sea: Why are China and Philippines tensions heating up?An escalating diplomatic row and recent maritime run-ins between China and the Philippines have made the highly strategic South China Sea a flashpoint.
Read more »
China's Xi Jinping says China-Hungary relations an 'all-weather' strategic partnershipChina and Hungary will embark on a 'golden voyage' in bilateral relations, Chinese President Xi Jinping said after meeting Hungarian Prime Minister Viktor Orban on the third and final stop of his first European tour in five years.
Read more »