U.S., Vietnam Reach Timber Pact, Averting Punitive Tariffs
- Accord helps keep illegally traded timber out of supply chain
- Section 301 probe is first to address environmental concerns
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The U.S. and Vietnam reached an agreement over illegally harvested and traded timber that will see the Asian nation avert punitive tariffs in the process.
The accord “secures commitments that will help keep illegally harvested or traded timber out of the supply chain and protect the environment and natural resources,” and no trade action is warranted for now, the Office of the U.S. Trade Representative said in an emailed statement Friday.