As part of a strategic agreement between the United States and Vietnam, Vietnam has agreed to eliminate or reduce tariffs on U.S. corn, wheat and pork products. The reduction in tariffs aims to significantly lower the price of consumer goods in Vietnam while effectively opening business opportunities for U.S. farmers in multiple agricultural markets. These changes are expected to allow U.S. farmers to offer competitively priced quality goods to Vietnam, a country that currently ranks as the seventh-largest market for U.S. agricultural exports.
Although the Biden Administration did not offer further details regarding product coverage or the immediacy of this policy’s implementation, this is a change industry groups have urged U.S. Trade Representative Katherine Tai to consider for many months. In a letter to Representative Tai earlier this year, lawmakers and industry groups remarked that the U.S. pork industry has scarcely taken advantage of the export potential available in Vietnam. The U.S. wheat industry is also anticipating an increased export potential to Vietnam amid the recently announced agreement.
Counties believe we can enhance the competitive position of U.S. agriculture in world markets by removing certain barriers to trade in foreign markets and terminating subsidies by foreign competitors.