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Investing.com --Two days after announcing his sweeping tariffs, U.S. President Donald Trump provided an update on a crucial trading partner – Vietnam. Trump said he had a “constructive call” with To Lam, General Secretary of the Communist Party of Vietnam.
On Wednesday, Trump slapped Vietnam with a 46% tariff, claiming the Asia country charges the U.S. a rate of 90% when you include currency manipulation and trade barriers.
Trump said Vietnam wants to cut their Tariffs down to zero.
“Just had a very productive call with To Lam, General Secretary of the Communist Party of Vietnam, who told me that Vietnam wants to cut their Tariffs down to ZERO if they are able to make an agreement with the U.S. I thanked him on behalf of our Country, and said I look forward to a meeting in the near future,” Trump said on his Truth social media.
Vietnam is a crucial exporter. Large U.S. apparel and footwear makers, including Nike , rely heavily on the country.
Following the news, the stock of apparel and footwear makers and retailers jumped.
Nike Inc (NYSE:NKE), down before the news, is now up 4.7%.
Elsewhere, Lululemon Athletica Inc (NASDAQ:LULU) jumped 3.4%, Crocs Inc (NASDAQ:CROX) jumped 4.2%, VF Corporation (NYSE:VFC) rose 3.2%, Foot Locker Inc (NYSE:FL) rose 5%, Wayfair Inc (NYSE:W) rose 2.6%, and Deckers Outdoor Corporation (NYSE:DECK) rose 5%.
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