On Friday, Townhall reported that Vietnam, after talking with President Trump, has agreed to eliminate tariffs on all U.S. goods if the two parties can negotiate a deal. That’s a good place to start.

The article reports:

This could be some good news – especially on the tariff front. It might mean that American product could become more competitive in Vietnam, which will benefit U.S.-based corporations. Vietnam is seeing a growth of its middle class, which could open new doors for trade.

It would also mean lower prices for American consumers purchasing products manufactured in Vietnam. This would include apparel, furniture, electronics, and several others. Other major corporation have used Vietnam as a significant manufacturing hub, which suggests cheaper imports might. Lower production expenses while boosting profit margins.

A tariff reduction of this type could also strengthen the economic relationship between the U.S. and Vietnam. This might be especially critical if the U.S. seeks to diversify its supply chains away from China. Less reliance on the Chinese Communist Party (CCP) could bolster Washington’s negotiating position.

There is also the possibility that other nations might follow Vietnam’s lead – especially if the deal benefits the country over the long term.

Of course, there is no deal just yet. But it appears that Vietnam is willing to make some important concessions. Either way, this is a promising sign.

According to the Office of the United States Trade Representative:

U.S. goods trade with Vietnam totaled an estimated $149.6 billion in 2024. U.S. goods exports to Vietnam in 2024 were $13.1 billion, up 32.9 percent ($3.2 billion) from 2023. U.S. goods imports from Vietnam totaled $136.6 billion in 2024, up 19.3 percent ($22.1 billion) from 2023. The U.S. goods trade deficit with Vietnam was $123.5 billion in 2024, an 18.1 percent increase ($18.9 billion) over 2023.

Since the amount of trade we are doing with Vietnam is increasing, a tariff agreement between the two countries would be a good deal for everyone involved.