U.S., Vietnam Reach Timber Pact, Averting Punitive Tariffs

[Viet]

• Accord helps keep illegally traded timber out of supply chain
• Section 301 probe is first to address environmental concerns

The U.S. and Vietnam reached an agreement over illegally harvested and traded timber that will see the Asian nation avert punitive tariffs in the process.

The accord “secures commitments that will help keep illegally harvested or traded timber out of the supply chain and protect the environment and natural resources,” and no trade action is warranted for now, the Office of the U.S. Trade Representative said in an emailed statement Friday.

The USTR opened a so-called section 301 investigation on Vietnam’s wood industry in October last year -- the same law that enabled the nation to levy billions of dollars of tariffs on Chinese imports. The U.S. is the biggest market for Vietnamese wood products, representing an estimated $6.5 billion in 2020, about half of the nation’s total agricultural shipments to the U.S. in 2020, according to the nation’s agriculture ministry. Vietnamese wood-furniture makers’ customers include Walmart Inc. and Ashley Furniture Industries Inc.

“With this agreement, Vietnam will provide a model -- both for the Indo-Pacific region and globally -– for comprehensive enforcement against illegal timber,’ Trade Representative Katherine Tai said in the statement. The investigation is the first to use section 301 of the Trade Act address environmental concerns.

U.S., Vietnam Reach Timber Pact, Averting Punitive Tariffs

www.bloomberg.com

 

[Viva_Viet]

View attachment 781498

• Accord helps keep illegally traded timber out of supply chain
• Section 301 probe is first to address environmental concerns

The U.S. and Vietnam reached an agreement over illegally harvested and traded timber that will see the Asian nation avert punitive tariffs in the process.

The accord “secures commitments that will help keep illegally harvested or traded timber out of the supply chain and protect the environment and natural resources,” and no trade action is warranted for now, the Office of the U.S. Trade Representative said in an emailed statement Friday.

The USTR opened a so-called section 301 investigation on Vietnam’s wood industry in October last year -- the same law that enabled the nation to levy billions of dollars of tariffs on Chinese imports. The U.S. is the biggest market for Vietnamese wood products, representing an estimated $6.5 billion in 2020, about half of the nation’s total agricultural shipments to the U.S. in 2020, according to the nation’s agriculture ministry. Vietnamese wood-furniture makers’ customers include Walmart Inc. and Ashley Furniture Industries Inc.

“With this agreement, Vietnam will provide a model -- both for the Indo-Pacific region and globally -– for comprehensive enforcement against illegal timber,’ Trade Representative Katherine Tai said in the statement. The investigation is the first to use section 301 of the Trade Act address environmental concerns.

U.S., Vietnam Reach Timber Pact, Averting Punitive Tariffs

www.bloomberg.com

Black US men is VN's friend, no surpise when US is offering VN a strategic partnerships now. Its Obama, not Biden who is the real US president now

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