Vietnam braces for fallout from US tariffs on Chinese goods

Vietnam may be under pressure to import more products from China as Chinese products are levied higher tariffs by the U.S.,

Nguyen Quang A, an economic political observer and businessman in Hanoi, told VOA this week

Chinese businesses [are] moving to Vietnam and are processing their imported materials from China and then labeling their products as 'Made in Vietnam' before exporting to the U.S. The U.S. will definitely examine this issue carefully,

Nguyen said

Prepare for the possibility of a world trade war this year,

the prime minister said at a Cabinet meeting on Wednesday, ... according to the Dan Tri online newspaper

I think that’s the only fair way to do it that way nobody’s hurt,

the president continued

Under the Trump Reciprocal Trade Act, other countries will have two choices — they’ll get rid of their tariffs on us, or they will pay us hundreds of billions of dollars, and the United States will make an absolute FORTUNE,

Trump said in a campaign video

A vicious cycle is taking hold. Even if tariffs are not implemented, there is a loss of potential,

Ana Boata, economist at insurance group Allianz Trade, told AFP

However, the combination of countermeasures suggests a more coordinated and comprehensive approach by Chinese policymakers,

an analyst at the US investment firm said

Lin Jianforeign Ministry spokesperson

China urges the US to correct its wrongdoings, address each other's concerns through equal-footed consultation, and promote the steady, sound and sustainable development of China-US relationship,

Lin said

Tariffs can only increase inflation, the higher they are, the worse their effects,

Radhika Desai, professor of Department of Political Studies at University of Manitoba in Canada, told the Global Times

Video games are one of the most popular and beloved forms of entertainment for Americans of all ages. Tariffs on video game devices and related products would negatively impact hundreds of millions of Americans and would harm the industry's significant contributions to the US economy,

the association said

For some commodities, it's a price per ton, but on essentially all consumer goods it's the value of the product,

Gantz said

Under the law, the importer is responsible for paying the tariff,

Gantz said

It's essentially a tax on imported goods,

Gantz said

But" — and it's a big but — "the importer under normal circumstances would transfer it up the line to the wholesaler, to the distributor, and ultimately to the consumer,

Gantz noted