The U.S. Trade Representative’s office has decided that no tariff motion is warranted towards Vietnam after its central financial institution agreed to chorus from “aggressive devaluation” of the dong.
“I commend Vietnam for its dedication to addressing U.S. issues with its foreign money practices,” U.S. Trade Representative Katherine Tai stated in a press release.
The latest settlement between the U.S. Treasury and the State Bank of Vietnam “supplies a passable decision of the matter topic to investigation and accordingly that no commerce motion is warranted at the moment,” the assertion stated.
Below the settlement, Vietnam dedicated to not devalue its foreign money for commerce benefit and to make its financial and alternate fee insurance policies extra clear.
The deal follows months of U.S. stress and a rising commerce surplus with that nation.
The U.S. had declared Vietnam a foreign money manipulator and threatened to impose punitive tariffs on its exports.
Vietnam rejected this repeatedly, saying it didn’t manipulate its foreign money for unfair commerce benefits.