Lighthizer Calls on Vietnam to Help Lower Bilateral Trade Deficit
U.S. Trade Representative Robert Lighthizer on May 30 called on Vietnamese Prime Minister Nguyen Xuan Phuc to help the U.S. balance its current $32 billion trade deficit with Vietnam. Speaking during the U.S. Chamber of Commerce Gala Dinner, Lighthizer said…
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the deficit, which has increased $25 billion over the last decade, “presents new challenges” but indicates a “considerable potential” to improve bilateral trade, according to prepared remarks (here). “Prime Minister Phuc is uniquely positioned to help us achieve that objective,” Lighthizer said. “Since becoming Prime Minister in 2016, he has shown that he is committed to maintaining high economic growth and promoting Vietnam’s competitiveness and integration into the global economy. He has focused on tackling graft and corruption, and promoting broad economic reform, including continuing to privatize Vietnam’s state-owned enterprises.” During a meeting earlier in the day with Phuc, the two officials discussed improving the trade relationship through initiatives under the U.S.-Vietnam Trade and Investment Framework Agreement, according to the agency (here). President Donald Trump was set to meet with Phuc at 3 p.m. on May 31 at the White House.