The popular consensus is that Vietnam has been one of the world’s biggest US-China trade war winners, as global supply chains shift production away from tariff-hit China and towards the low-cost Southeast Asian nation.
That upshot, one that may have added as much as 8% to Vietnam’s gross domestic product (GDP) according to one bank’s research, has apparently already run its full course as US President Donald Trump slaps new punitive tariffs on Hanoi’s exports.
In May, Vietnam was added to the US Treasury Department’s list of possible currency manipulators, a designation that could result in punitive measures if proved. That threat presaged this month’s imposition of a whopping new 400% US duty on Vietnamese steel. imports that originate from South Korea and Taiwan.