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View all search resultsThe visit, planned for weeks, comes as Beijing faces 145 percent US duties, while Vietnam is negotiating a reduction of threatened US tariffs of 46 percent that would otherwise apply in July after a global moratorium expires.
Six of the nine Southeast Asian countries listed by Trump were slapped with much bigger-than-expected tariffs of between 32 percent and 49percent. By comparison, the level for the European Union was 20 percent.
Nike is one of several sportswear brands heavily reliant on Vietnam as a production site and higher tariffs would force the company to absorb higher costs or hike its prices at a time when it is already discounting some items to clear inventory.
Vietnam’s Communist Party general secretary To Lam received a warm welcome at Jakarta’s State Palace on Monday, in his first visit to Indonesia since the inauguration of President Prabowo Subianto late last year and marking the 70th anniversary of Vietnam-Indonesia relations.
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