Tariffs could affect as much as $37.5 billion in Vietnamese exports, equivalent to about 2% of the country’s gross domestic product, Vietnam-focused fund manager Dragon Capital estimated in a recent note to clients.

U.S. and Vietnamese businesses have asked the Trump administration to delay its planned 46% tariff on Vietnamese goods, saying the levy will hurt them and bilateral commercial relations. The Vietnam Chamber of Commerce and Industry and the American Chamber of Commerce in Hanoi expressed concern to Commerce Secretary Howard Lutnick in a letter dated Saturday,

Vietnam offered to remove all tariffs on US imports after President Donald Trump announced a 46% levy on the Southeast Asian nation, according to an April 5 letter from Vietnam’s communist party.

Thursday was the worst day for U.S. stock markets since June 2020. China struck back on Friday, announcing a 34% tariff on American goods as other foreign leaders weigh their response. Meanwhile, Trump's universal 10% levy against all countries went into effect early Saturday.

U.S. and Vietnamese businesses have asked the Trump administration to delay its planned 46% tariff on Vietnamese goods, saying the levy will hurt them and bilateral commercial relations.

U.S. President Donald Trump’s big raise in tariffs has triggered an escalating trade war and sent global markets plummeting