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Vietnam trade measure approved

Congress has approved permanent normal trade relations status (PNTR) for Vietnam. According to the U.S. Trade Representative it means tariffs on U.S.

Congress has approved permanent normal trade relations status (PNTR) for Vietnam. According to the U.S. Trade Representative it means tariffs on U.S. beef offals will fall from the rate of 20% to 15% immediately, and phase down to 8% over four years. Boneless beef will be cut from 20% to 14% over five years. The duty on beef sausages, currently at 50% will drop to 40% immediately and will be reduced to 22% over five years.

For pork, tariffs on pork offals will immediately fall from 20% to 15% with further reductions to 8% over four years. Tariffs on other key pork and pork products will be reduced by 50% over five years, including tariffs on hams and carcasses, which will fall from 30% to 15% in that timeframe. Rates on processed pork products will be reduced from 20% to 10% over five years.

Meanwhile, for hides and skins, which are currently among the largest U.S. exports to Vietnam, tariffs will be bound at zero immediately.

TAGS: Exports