NRF urges USTR to keep away from tariffs on imports from Vietnam



The US Nationwide Retail Federation (NRF) lately urged the Workplace of the US Commerce Consultant (USTR) to keep away from imposing tariffs on imported Vietnamese items and depend on different treatments and authorities to deal with commerce complaints. USTR lately launched two separate 301 investigations into Vietnam’s foreign money practices and commerce in unlawful timber.

NRF senior vp of presidency relations David French offered testimony at each the unlawful timber and foreign money practices hearings this week.

“Vietnam has change into an more and more vital political ally and financial companion to the USA to counter the affect of China within the area,” French stated. “It’s important that this relationship not solely proceed however develop as the worldwide financial system continues to recuperate from the coronavirus pandemic.”

“As firms proceed to face financial hardship brought on by the coronavirus pandemic, new tariffs on imports from Vietnam will additional hurt U.S. firms and can lead to larger prices for customers,” he added.

French cited a brand new report commissioned by NRF and ready by the Commerce Partnership Worldwide on the potential impacts of tariffs on Vietnam. The report estimates using tariffs on imports of attire, footwear and different items from Vietnam would lead to extra prices to American customers and would vary from $four billion to $9 billion in larger costs.

French famous that many firms shifted their provide chains away from China to Vietnam as a direct results of the China 301 tariffs. Inserting tariffs on imports from Vietnam will now punish these firms and will lead to sourcing shifting again to China.

Fibre2Fashion Information Desk (DS)

The US Nationwide Retail Federation (NRF) lately urged the Workplace of the US Commerce Consultant (USTR) to keep away from imposing tariffs on imported Vietnamese items and depend on different treatments and authorities to deal with commerce complaints. USTR lately launched two separate 301 investigations into Vietnam’s foreign money practices and commerce in unlawful timber.





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