Vietnam lowering some import tariffs
Vietnam is lowering most-favored nation tariff rates for corn, wheat, and frozen pork imports.
The commitment follows a visit this summer to Vietnam this summer by Vice President Harris and is expected to give U.S. goods even more market access, similar to the access nations with free trade agreements, like the Trans-Pacific Partnership, which does not include the U.S.
The U.S. and Vietnam entered into a bilateral trade agreement in 2001.
The USDA’s Foreign Ag Service says that on December 30th, the MFN tariff for all types of wheat will be eliminated and the duty on corn will fall from 5% to 2%, while on July 1st, 2022 the import tax on frozen pork moves from 15% to 10%.
During 2020, U.S. corn, wheat, and frozen pork exports to Vietnam were valued at $228 million.