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U.S., Vietnam Reach Agreement Over Currency Concerns
USAgNet - 07/26/2021

U.S. Treasury Secretary Janet Yellen and State Bank of Vietnam Governor Nguyen Thi Hong announced a currency agreement that is likely to halt the immediate threat of punitive tariffs placed on the Asian nation.

“I welcome the constructive dialogue between the Department of the Treasury and the State Bank of Vietnam on currency policy, and the mutual understanding we have reached,” said Secretary Yellen. “I believe the State Bank of Vietnam’s attention to these issues over time not only will address Treasury’s concerns, but also will support the further development of Vietnam’s financial markets and enhance its macroeconomic and financial resilience,” she added.

Earlier this month, 75 farm and rural trade associations urged the U.S. Trade Representative not to impose tariffs on Vietnamese products over currency concerns.

The U.S. does not have a free trade agreement with Vietnam and is at a competitive disadvantage to Canada, the EU, Mexico and other supplier nations. A number of non-tariff barriers act as an additional barrier on U.S. pork exports to Vietnam.


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