Latest news with #USTradeRepresentative
Wall Street Journal
16 hours ago
- Business
- Wall Street Journal
U.S., EU Near Deal on Non-Tariff Trade Irritants
The U.S. and European Union appear to be nearing a deal on multiple non-tariff trade issues from deforestation rules to the treatment of U.S. tech companies in Europe—but the fate of looming tariffs set to be imposed by each trading partner remains unclear. A draft 'agreement on reciprocal trade' circulated by the U.S. Trade Representative's office lays out tentative deals on a litany of specific trade issues, including the EU's Digital Markets Act, its carbon-based border tariffs, shipbuilding and more, according to people with knowledge of the text, who said the agreement appeared to be close to final but emphasized it could change in the coming days and weeks.
News.com.au
4 days ago
- Business
- News.com.au
Made in Vietnam: Hanoi cracks down on fake goods as US tariffs loom
Since the United States accused Vietnam of being a hub for counterfeit goods, Tran Le Chi has found it increasingly hard to track down her favourite fake Chanel T-shirts, Gucci sunglasses and Louis Vuitton handbags. As Vietnam's government tries to head off President Donald Trump's threatened 46 percent tariff, it has launched a crackdown on fake products -- in part to show responsiveness to US concerns. Now there are streets filled with shuttered shops in Hanoi and rows of closed stalls at Saigon Square shopping mall, a major clothing market in Ho Chi Minh City -- the kind of places Chi used to go to buy her latest gear. "The clothes help me look trendy," Chi told AFP. "Why would I care if they are fake or not?" Chi -- a betting agent for an illegal game known as lo-de, where punters predict the last two lotto numbers of the standard daily draw -- said she had never paid more than $40 per "designer" item. "Only the super-rich people can afford the real ones," she added. "They're not for people like us." Communist-run Vietnam is a manufacturing powerhouse that produces clothing and footwear for international brands, with the United States its number-one export market in the first five months of 2025. But it also has a thriving market for counterfeit goods. In a report published by the US Trade Representative in January, Saigon Square shopping mall was flagged as a major market for the sale of fake luxury items including handbags, wallets, jewellery and watches. The report noted government efforts to stamp out the trade, but said "low penalties have had little deterrent effect" and "counterfeit products remain rampant". Shop owner Hoa, a pseudonym to protect her identity, said almost all of the fake Nike, Lacoste and North Face products she sells in her shop in Hanoi's old quarter are from China -- but tagged with a "Made in Vietnam" label to make them seem authentic. She insists that all her customers know what they're getting. "My clients are those who cannot afford authentic products," Hoa said. "I've never cheated anyone." - Rolex watches, Marshall speakers - Hanoi and Washington are in the thick of trade talks, with Vietnam doing everything it can to avoid the crushing 46 percent tariff that could come into force in early July. Vietnam's trade ministry ordered authorities in April to tighten control over the origin of goods after the Trump administration accused the country of facilitating Chinese exports to the United States and allowing Beijing to get around tariffs. The public security ministry also said there would be a three-month-long crackdown -- until mid-August -- on counterfeit goods. Nguyen Thanh Nam, deputy head of the agency for domestic market surveillance and development, said last week that in the first five months of the year, more than 7,000 cases of counterfeit products worth more than $8 million had been discovered. He added that 1,000 fake Rolex watches had been seized from Saigon Square shopping mall. Mounds of vitamins, cosmetics and sweets -- seemingly also counterfeits -- have appeared at waste grounds outside cities including Hanoi, Ho Chi Minh City and Danang, while fake electronics including Marshall speakers and smartwatches have been confiscated. Police have not specified the origin of the goods, but Vietnam was Southeast Asia's biggest buyer of Chinese products in 2024, with a bill of $161.9 billion. Nguyen Khac Giang, visiting fellow at the ISEAS-Yusof Ishak Institute in Singapore, said that although there were other aims of the drive, including improving Vietnam's business environment and formalising the retail sector, "the campaign plays a role in Vietnam's strategy to appease the US". "The effort partly reflects Vietnam's intent to show responsiveness to US concerns," he said. But for Hoa, her livelihood is on the line. Her shop has been closed for almost two weeks and she has no idea how to restart the business. "I have sold these sorts of clothes for a decade and experienced no problem at all. Now they crack down on us, it's hard to figure out how I continue," she said.
Yahoo
4 days ago
- Business
- Yahoo
Made in Vietnam: Hanoi cracks down on fake goods as US tariffs loom
Since the United States accused Vietnam of being a hub for counterfeit goods, Tran Le Chi has found it increasingly hard to track down her favourite fake Chanel T-shirts, Gucci sunglasses and Louis Vuitton handbags. As Vietnam's government tries to head off President Donald Trump's threatened 46 percent tariff, it has launched a crackdown on fake products -- in part to show responsiveness to US concerns. Now there are streets filled with shuttered shops in Hanoi and rows of closed stalls at Saigon Square shopping mall, a major clothing market in Ho Chi Minh City -- the kind of places Chi used to go to buy her latest gear. "The clothes help me look trendy," Chi told AFP. "Why would I care if they are fake or not?" Chi -- a betting agent for an illegal game known as lo-de, where punters predict the last two lotto numbers of the standard daily draw -- said she had never paid more than $40 per "designer" item. "Only the super-rich people can afford the real ones," she added. "They're not for people like us." Communist-run Vietnam is a manufacturing powerhouse that produces clothing and footwear for international brands, with the United States its number-one export market in the first five months of 2025. But it also has a thriving market for counterfeit goods. In a report published by the US Trade Representative in January, Saigon Square shopping mall was flagged as a major market for the sale of fake luxury items including handbags, wallets, jewellery and watches. The report noted government efforts to stamp out the trade, but said "low penalties have had little deterrent effect" and "counterfeit products remain rampant". Shop owner Hoa, a pseudonym to protect her identity, said almost all of the fake Nike, Lacoste and North Face products she sells in her shop in Hanoi's old quarter are from China -- but tagged with a "Made in Vietnam" label to make them seem authentic. She insists that all her customers know what they're getting. "My clients are those who cannot afford authentic products," Hoa said. "I've never cheated anyone." - Rolex watches, Marshall speakers - Hanoi and Washington are in the thick of trade talks, with Vietnam doing everything it can to avoid the crushing 46 percent tariff that could come into force in early July. Vietnam's trade ministry ordered authorities in April to tighten control over the origin of goods after the Trump administration accused the country of facilitating Chinese exports to the United States and allowing Beijing to get around tariffs. The public security ministry also said there would be a three-month-long crackdown -- until mid-August -- on counterfeit goods. Nguyen Thanh Nam, deputy head of the agency for domestic market surveillance and development, said last week that in the first five months of the year, more than 7,000 cases of counterfeit products worth more than $8 million had been discovered. He added that 1,000 fake Rolex watches had been seized from Saigon Square shopping mall. Mounds of vitamins, cosmetics and sweets -- seemingly also counterfeits -- have appeared at waste grounds outside cities including Hanoi, Ho Chi Minh City and Danang, while fake electronics including Marshall speakers and smartwatches have been confiscated. Police have not specified the origin of the goods, but Vietnam was Southeast Asia's biggest buyer of Chinese products in 2024, with a bill of $161.9 billion. Nguyen Khac Giang, visiting fellow at the ISEAS-Yusof Ishak Institute in Singapore, said that although there were other aims of the drive, including improving Vietnam's business environment and formalising the retail sector, "the campaign plays a role in Vietnam's strategy to appease the US". "The effort partly reflects Vietnam's intent to show responsiveness to US concerns," he said. But for Hoa, her livelihood is on the line. Her shop has been closed for almost two weeks and she has no idea how to restart the business. "I have sold these sorts of clothes for a decade and experienced no problem at all. Now they crack down on us, it's hard to figure out how I continue," she said. tmh/aph/pdw/dan/dhw Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Free Malaysia Today
4 days ago
- Business
- Free Malaysia Today
Thailand to begin trade negotiations with US this week
America's goods trade deficit with Thailand hit US$45.6 billion in 2024. (EPA Images pic) BANGKOK : Thailand will submit a formal trade proposal to the US this week, the kingdom's finance minister said today, as it seeks to avoid Donald Trump's threatened tariffs. Thailand faces a 36% levy on key exports to America under the US president's 'Liberation Day' measures and remains one of the few Southeast Asian nations without a bilateral deal with Washington. After today's cabinet meeting, finance minister Pichai Chunhavajira told reporters, 'We will submit the details by this week'. He added that the first round will be held virtually, followed by face-to-face meetings. Thailand's finance ministry said in May that the proposal aimed to reduce the trade imbalance and improve access for US exports to the Thai market. America's goods trade deficit with Thailand hit US$45.6 billion in 2024, up 11.7% from the year before, according to the data from the US trade representative. The Thai government last month cut its 2025 economic growth forecast to 2.3%-3.3%, from 3.2%-4.2%, citing uncertainty over 'reciprocal tariffs'. In April, authorities arrested American scholar Paul Chambers for alleged royal defamation, prompting speculation that politics had delayed talks, though the case was later dropped.
Bloomberg
5 days ago
- Business
- Bloomberg
EU's Sefcovic to Meet US's Greer at G-7 to Talk Trade, Tariffs
European Union trade chief Maros Sefcovic is expected to meet with US Trade Representative Jamieson Greer on the sidelines of the Group of Seven meeting in Alberta, Canada, according to a person familiar with the plan. The officials will discuss the current state of the trade negotiations, which are aiming to avoid a massive jump in tariffs before a July 9 deadline imposed by US President Donald Trump. The two-day G-7 summit kicks off Monday.
