The administration of President Donald Trump is taking cautious and comprehensive steps to evaluate and reform the U.S. international trade structure, aiming to strengthen national interests and rebalance global trade relations.
U.S. Conducts a Comprehensive Review of Its Trade Framework
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According to the Vietnam Trade Office in the United States, on February 13, 2024, President Trump signed an executive directive instructing the U.S. Trade Representative (USTR) and the Department of Commerce to propose new tariff levels on a country-by-country basis. The goal is to rebalance trade relations by addressing both tariff and non-tariff barriers imposed by trading partners on U.S. exports.
The new tariff structure is designed not only to respond to foreign tariffs on U.S. goods but also to tackle non-tariff measures—such as technical barriers, import restrictions, and domestic subsidies—that hinder fair competition.
By expanding the scope of review beyond tariffs to include these broader barriers, the Trump administration aims to establish a strategic, deliberate, and far-reaching evaluation of the international trade system, paving the way for potential reforms and renegotiations that protect American interests.
This approach aligns with the testimony of Mr. Greer, nominee for U.S. Trade Representative, during his recent confirmation hearing before the U.S. Senate, where he emphasized the need for a more balanced and fair trade structure.
However, this shift may make it more difficult for other countries to negotiate with the U.S., as non-tariff barriers are harder to revise and can be selectively targeted during future trade talks. Still, the extended review process also gives trading partners, including Vietnam, more time to exchange and negotiate with Washington on future plans.
Vietnam and the U.S. – Complementary Economic Partners
Earlier, President Trump announced an additional 25% tariff on steel and aluminum imports. Commenting on the new U.S. trade policies, U.S. Ambassador to Vietnam Marc E. Knapper, during a meeting with Minister of Industry and Trade Nguyễn Hồng Diên on February 12, affirmed that the policies aim to promote fair trade, safeguard economic and national security, and protect U.S. workers and businesses.
“The recent tariff measures are not directed at Vietnam. The United States wishes to maintain and further strengthen our bilateral trade and economic relationship,”
— Ambassador Marc E. Knapper
Minister Nguyễn Hồng Diên welcomed the U.S. stance, reaffirming that Vietnam has no intention of implementing discriminatory or trade-restrictive measures that would harm U.S. industries or workers.
Vietnam consistently regards the United States as a top strategic and economic partner and aspires to deepen bilateral relations in trade, investment, and technology in a comprehensive and sustainable manner, building mutual understanding and trust.
Trade Relations That Complement, Not Compete
Over the years, the Vietnam–U.S. economic relationship has been characterized by complementarity rather than competition. The two countries’ export structures serve different market needs and do not directly compete in most sectors.
Vietnamese goods exported to the U.S.—including electronics, apparel, furniture, and seafood—mainly compete with products from third countries, not with those produced domestically by American companies. Conversely, these affordable Vietnamese goods help U.S. consumers access cost-effective products, supporting household budgets amid inflationary pressures.
The Vietnam Trade Office in the U.S. noted that, despite the evolving trade environment, Vietnam still has strong export opportunities in sectors like steel and aluminum, as American domestic production capacity cannot yet meet domestic demand. However, exporters may face narrower profit margins due to tariff adjustments.
Outlook and Recommendations for Vietnamese Exporters
Vietnam’s competitive, high-quality exports continue to complement the U.S. economy by helping reduce inflation and maintaining stable supply chains.
According to the Ministry of Industry and Trade, to sustain growth amid global uncertainty, Vietnamese enterprises must:
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Diversify export markets and maintain flexibility in supply chains.
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Upgrade product quality to meet U.S. technical, labor, and environmental standards.
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Closely monitor product origin and raw material sources to ensure compliance with U.S. trade regulations.
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Evaluate investment cooperation carefully, especially with partners from countries currently in trade tensionwith the United States.
By staying proactive and adaptive, Vietnamese businesses can seize opportunities and maintain momentum in one of their most strategic and high-value export markets.