US President Donald Trump, after taking office for his second term, immediately utilized tariffs as a key tool to reshape US economic and foreign policies with other countries. The risk of a global trade war has become evident, and several countries have already been directly affected by these new policies.

Experts say if the US imposes strict tariffs, it could affect the global economy, leading to some impact on Vietnam’s exports. In addition, China, a major US trade partner, would likely face significant pressure from higher tariffs, which could indirectly affect Vietnam.

Tran Thanh Hai, deputy director of the MoIT’s Export and Import Department, points out that international trade is now facing threats from the rise of unilateralism. Instead of promoting open markets and reducing barriers, this approach advocates erecting more trade barriers and imposing high tariffs on imports.

PM asks for response plans for adverse scenarios in 2025, including trade war

VOV.VN - Prime Minister Pham Minh Chinh has requested ministries, sectors and localities to develop response plans for potential adverse scenarios in 2025 based on global complications, including the risk of a trade war, to keep the economy on the right recovery track.

According to the General Department of Customs, Vietnam’s total import-export turnover last year hit nearly US$800 billion, with more than half sourced from exports. Notably, exports to the US reached nearly US$119 billion, a 23.3% increase compared to the same period in 2023. Vietnam is the eighth largest trade partner and the fourth largest import market for the US in ASEAN. Conversely, the US is Vietnam’s second largest trade partner and its largest export market.

The Prime Minister, at a recent Government meeting, warned about a possibility of a trade war that may disrupt the global supply chain, and asked relevant agencies to come up with response plans.

The MoIT immediately has instructed relevant departments and agencies, including the European-American Market Department, the Trade Remedies Authority, the Export and Import Department, and the Trade Promotion Agency, to urgently review and assess export markets while developing scenarios and solutions to proactively respond to global trade fluctuations.

These agencies have worked together to update information from commercial counselors and formulate strategies to expand Vietnam’s export markets, with a special focus on untapped potential markets, said MoIT Deputy Minister Nguyen Sinh Nhat Tan.

A representative of the European-American Market Department told thanhnien.vn the strategies would focus on niche markets within the European Union, Central Asia, while expanding into Latin American countries, particularly Colombia, which is seen as a highly potential market.

At an early Spring meeting, MoIT Minister Nguyen Hong Dien emphasized that in the context of increasingly complex and unpredictable global economic and political developments, the trade industry should effectively utilize existing markets, alongside promoting negotiations, signing agreements, and opening new markets, in an effort to help businesses diversify markets, products and supply chains, and boost exports.