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Bloomberg
Vietnam is buying more US goods to help it reduce a $39.5 billion surplus, after President Donald Trump called the country a trade abuser.
“Vietnam has made great efforts to improve the trade balance between the two countries, increasing imports,†Ministry of Foreign Affairs spokeswoman Le Thi Thu Hang said in a statement. Vietnam is improving investment conditions for US companies while encouraging Vietnamese businesses to invest in the US, Hang said.
Trump, asked on Fox Business Network if he wanted to impose tariffs on Vietnam, said: “Well, we’re in discussions with Vietnam.†He described the Southeast Asian nation as “almost the single worst abuser of everybody.â€
Vietnam’s trade surplus with the US has exceeded $20 billion since 2014 and reached $39.5 billion last year, the highest in records going back to 1990, according to US Census Bureau data. Prime Minister Nguyen Xuan Phuc said in a January interview his country will step up imports from the US, from Boeing Co aircraft to products from oil companies.
Vietnam’s government said that its trade ministry will sign a memorandum of understanding with the US Energy Department that includes buying “large volumes†of liquefied natural gas from the US. It also said Trump, in a meeting with Phuc at the G-20 summit in Japan, complimented Vietnam for its efforts to crack down on trade fraud.
Singapore to focus on regional deals over trade war impact
Bloomberg
Singapore will focus on regional trade and digital economic agreements to counter the impact of the US-China trade war that’s weighing on the nation’s growth prospects and prompting some economists to warn of a recession risk.
It’s important that Singapore works on different types of regional arrangements to “find new pathways for growth,†S Iswaran, minister for communications and information, said.
He referred to pacts such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, or CPTPP, and the EU-Singapore free trade agreement.