Vietnam Plans to Cut U.S. Pork Tariffs as Trade Tensions Ease
· Frozen pork duties falling to 10%; corn, wheat also to be cut
· U.S., Vietnam have recently resolved currency, timber issues
By Nguyen Dieu Tu Uyen, Bloomberg
October 5, 2021
Vietnam plans to lower tariffs on U.S. frozen pork, corn and wheat, a further sign of easing trade tensions with its biggest export market.
The cuts, which will be announced this quarter, are intended to increase imports from the U.S. and narrow its trade deficit with Vietnam, Nguyen Do Anh Tuan, a spokesman for Vietnam’s agriculture ministry, said in an interview Monday.
The planned cuts will see tariffs lowered to 10% from 15% for frozen pork, 2% from 5% on corn, and eliminated for wheat from the current 3%, Tuan said.
The move to boost purchases of American agricultural goods is the latest effort to improve relations as Washington and Hanoi seek closer economic and geopolitical ties to balance China’s increasing clout in the region...
... Pork accounts for more than 70% of Vietnam’s total meat consumption. While the country has one of the biggest hog herds in Southeast Asia, demand for imported pork has risen over the past two years as its pig farms were ravaged by African swine fever...
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