U.S. trade sanctions swept to Vietnam ( illegal timber to make wood products for export Going to the U.S. market )

U.S. trade sanctions swept to Vietnam

By https://www.yqqlm.com/2020/10/u-s-trade-sanctions-swept-to-vietnam/  YQQLM YQQLM

The Office of the United States Trade Representative announced on the evening of the 2nd that it would launch a”301 investigation” on Vietnam’s timber and exchange rate policies. This move may escalate the US-Vietnam economic and trade frictions and cause the US to impose punitive tariffs on products imported from Vietnam.

The U.S. Trade Representative’s Office issued a statement stating that in accordance with the instructions of U.S. President Trump, the U.S. Trade Representative will investigate Vietnam’s acts, policies and practices related to the import or use of”illegal logging or illegal trade” timber. And the behaviors, policies, and practices that may cause the devaluation of the Vietnamese currency and cause harm to American business. These investigations will be conducted in accordance with Section 301 of the US Trade Act of 1974, and the US Trade Representative will consult the US Treasury Department on currency valuation and exchange rate policy issues.

U.S. Trade Representative Lighthizer said in a statement that Trump is firmly committed to combating”unfair trade” practices that harm American workers, businesses, and farmers and herders; using illegal timber to make wood products for export Going to the U.S. market disrupts the business environment and is “unfair” to American workers and companies that follow the rules and use legally harvested timber. In addition, the”unfair” exchange rate will hurt American workers and companies that compete with Vietnamese products, because Vietnamese products may be”artificially priced lower” due to undervalued exchange rates. He said that the United States will carefully review the relevant investigation results and then decide whether to take appropriate measures to respond.

The Wall Street Journal reported on the 2nd that in the exchange rate assessment submitted to the Department of Commerce in August this year, the U.S. Department of Treasury had determined that Vietnam had acted to depress the national currency exchange rate in 2019. The decision to impose punitive tariffs on Vietnamese tires in an anti-dumping and countervailing duty investigation involving Vietnamese passenger car tires provided a basis.

The so-called”301 investigation” originated from Article 301 of the US Trade Act of 1974. This clause authorizes the U.S. Trade Representative to initiate investigations into”unreasonable or unfair trade practices” of other countries, and to recommend unilateral sanctions to the U.S. President after the investigation is over.

Source|People’s Daily Client

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