Trump Trade Threats Force Export-Dependent Vietnam to Pivot
- From shoes to chairs, U.S. is Vietnam’s No. 1 export market
- Vietnam seeks new partners to weather possible border tariff
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President Donald Trump’s withdrawal from a Pacific Rim trade deal was viewed as a glancing blow by Vietnam’s Phu Tai Corp., which makes furniture for Wal-Mart outlets. The knockout punch may come if he follows through on threats of protectionism.
From a possible border tax to higher tariffs, America’s push to reset trade relations is putting Vietnam’s small economy at risk. Phu Tai, based in a central province, relies on the U.S. for 40 percent of sales, and some business may evaporate if its dining-room sets and outdoor chairs become too expensive.