US National Retail Federation urges USTR to avoid Vietnam tariffs
AMERICA's National Retail Federation has urged the Office of the US Trade Representative (USTR) to avoid placing tariffs on imports of Vietnamese goods, reports the American Journal of Transportation
06 January 2021 - 19:00
'Vietnam has become an increasingly important political ally and economic partner to the United States to counter the influence of China in the region,' said NRF vice president David French.
'It is important that this relationship not only continue but expand as the global economy continues to recover from the coronavirus pandemic.'
'As companies continue to face economic hardship caused by the coronavirus pandemic, new tariffs on imports from Vietnam will further harm US companies and will result in higher costs for consumers,' he said.
The USTR recently launched two separate 301 investigations regarding Vietnam's currency practices and trade in illegal timber.
An NRF report estimates the use of tariffs on imports of apparel, footwear and other goods from Vietnam would result in additional costs to American consumers and would range from US$4 billion to $9 billion in higher prices.
Mr French noted that many companies shifted their supply chains away from China to Vietnam as a direct result of the China 301 tariffs. Placing tariffs on imports from Vietnam will now punish these companies and may result in sourcing shifting back to China.
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