Tesla and Samsung Warn Washington Against New Tariffs on Vietnam as Probe Deadline Nears
Tesla and Samsung are among the companies urging Washington not to impose new tariffs on Vietnam as a US trade investigation nears its 29 November deadline, Reuters reported. The Trump administration opened the probe in May over alleged intellectual property violations, and Vietnam became the first country in 13 years to be named a “priority foreign country”, the most serious US watchlist category. A separate probe into alleged excess capacity is also under way.
Tesla told the US Trade Representative that some advanced components and precision manufacturing equipment cannot be sourced domestically, even with major US investment. Samsung’s US unit said Vietnam produces a large share of the smartphones and network equipment it sells in the United States. Samsung is Vietnam’s largest foreign investor, with roughly $25 billion invested there.
Vietnam’s exports to the US rose 42% in the first eight months of the year, making it the US trading partner with the largest goods surplus, ahead of China and Mexico. The US currently applies a general 12.5% tariff on Vietnamese goods, and it is unclear whether any new tariffs would be broad or sector-specific. Software, film and music groups want concrete commitments on piracy, while US steel, seafood, plywood and solar producers support new tariffs and retail and footwear groups oppose them.
Source: reuters.com
