In a swift and surprising move, Vietnam has offered to slash its tariffs on U.S. imports to zero, hoping to dodge a hefty 46% tariff slapped on its goods by President Donald Trump. The proposal came straight from Vietnam’s leader, To Lam, during a phone call with Trump on April 4, 2025, just days after the U.S. announced its latest trade crackdown. As of today, April 6, 2025, this bold counteroffer is shaking up the global trade scene—and showing how fast Vietnam’s willing to pivot to keep its economic engine humming.
Trump’s tariffs, rolled out on April 2, hit Vietnam hard, targeting its $124 billion export machine to the U.S.—about 30% of its GDP. The 46% duty, set to kick in on April 9, is part of a broader “reciprocal” tariff wave, with the U.S. claiming Vietnam’s trade surplus—$123.5 billion last year—justifies the hike. Shoes, clothes, and furniture, big chunks of Vietnam’s exports, were in the crosshairs, threatening companies like Nike and Adidas that rely on its factories. But Vietnam’s not sitting still—To Lam’s zero-tariff pitch is a lifeline to keep the trade flowing.
The call was a win for both sides, or so they say. Trump called it “very productive” in a Truth Social post, writing, “Vietnam wants to cut their tariffs down to ZERO if they can make an agreement with the US.” He thanked To Lam and hinted at a meeting soon. Vietnam’s government confirmed the chat, adding that To Lam pushed for the U.S. to match the zero-tariff deal on Vietnamese goods. It’s a classic play—give a little, get a little—and it’s got Hanoi betting on Trump’s deal-making streak.
This isn’t out of the blue. Vietnam’s been cozying up to the U.S. for weeks, cutting duties on American cars (from 45-64% to 32%), liquefied natural gas (5% to 2%), and ethanol (10% to 5%) back in March. They’ve also greenlit Elon Musk’s Starlink service and lined up a delegation to Washington this week—April 6 to 14—to seal deals like buying Boeing planes. It’s all part of a charm offensive to shrink that trade surplus and dodge Trump’s wrath, which hit after he labeled Vietnam one of the “worst offenders” in his April 2 Rose Garden speech.
The stakes are high. Vietnam’s stock market tanked 8.1% since the tariff news, and U.S. firms with factories there—like Nike, down 12% in a day—felt the heat. But Friday’s call sparked a rebound—some stocks clawed back losses as hope flickered. For Vietnam, a deal could save its export-driven economy; for Trump, it’s a chance to claim a trade victory without firing more tariff shots. Analysts say it’s smart timing—Trump’s open to talks, especially with allies who play ball.
Not everyone’s cheering, though. Some in Vietnam worry zero tariffs could flood their market with U.S. goods, hurting local producers. And in the U.S., skeptics wonder if Trump’s giving too much ground too fast. Still, with both leaders eyeing a face-to-face soon—Trump’s even invited to Hanoi—this could be the start of a trade truce. For now, Vietnam’s all-in on zero, and the world’s watching to see if Trump takes the bait.