Trade surplus with US could make Vietnam target for tariffs, says AmCham | ABS-CBN
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Trade surplus with US could make Vietnam target for tariffs, says AmCham
Trade surplus with US could make Vietnam target for tariffs, says AmCham
ABS-CBN News
Published Aug 07, 2019 07:30 PM PHT
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MANILA—Vietnam could become another target for tariffs by US President Donald Trump, because the Asian country has a huge trade surplus with the United States, the leader of an American business group in Hanoi said on Wednesday.
MANILA—Vietnam could become another target for tariffs by US President Donald Trump, because the Asian country has a huge trade surplus with the United States, the leader of an American business group in Hanoi said on Wednesday.
Vietnam has become the destination for some companies looking to relocate from China to avoid US tariffs, said Adam Sitkoff, executive director of the American Chamber of Commerce in Hanoi.
Vietnam has become the destination for some companies looking to relocate from China to avoid US tariffs, said Adam Sitkoff, executive director of the American Chamber of Commerce in Hanoi.
Inquiries from companies looking to move their operations from China to Vietnam have risen 300 to 400 percent this year, Sitkoff said.
Inquiries from companies looking to move their operations from China to Vietnam have risen 300 to 400 percent this year, Sitkoff said.
But he added that Vietnam's trade surplus with the US, which reached $40 billion in 2018 and on track to gain some 40 percent this year, has not escaped Trump's notice. Vietnam is No. 5 on the list of countries with the largest trade surpluses with the US.
But he added that Vietnam's trade surplus with the US, which reached $40 billion in 2018 and on track to gain some 40 percent this year, has not escaped Trump's notice. Vietnam is No. 5 on the list of countries with the largest trade surpluses with the US.
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"We don't know if the Trump administration is going to do something negative to Vietnam in the future," Sitkoff said in an interview on ANC's "Market Edge."
"We don't know if the Trump administration is going to do something negative to Vietnam in the future," Sitkoff said in an interview on ANC's "Market Edge."
In July, the US slapped duties of more than 400 percent on steel imports from Vietnam.
In July, the US slapped duties of more than 400 percent on steel imports from Vietnam.
However, Sitkoff said Hanoi is also taking Trump's concerns seriously and is looking to address trade issues with the US.
However, Sitkoff said Hanoi is also taking Trump's concerns seriously and is looking to address trade issues with the US.
Sitkoff, meanwhile, said he hopes that the US and China will come to a win-win agreement on trade.
Sitkoff, meanwhile, said he hopes that the US and China will come to a win-win agreement on trade.
He said tariffs will lower demand worldwide, stoke inflation and hit global supply chains.
He said tariffs will lower demand worldwide, stoke inflation and hit global supply chains.
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DOE hopes La Niña will help temper electricity demand
DOE hopes La Niña will help temper electricity demand
MANILA -- The Department of Energy is hopeful that the La Niña phenomenon this year will deter the increase of power supply demand.
MANILA -- The Department of Energy is hopeful that the La Niña phenomenon this year will deter the increase of power supply demand.
Energy Secretary Raphael Lotilla cited the cooler temperature which is expected to decrease power consumption among consumers.
Energy Secretary Raphael Lotilla cited the cooler temperature which is expected to decrease power consumption among consumers.
“Hopefully, this year, which is a La Niña year, hindi tayo magkaroon ng kasinlaking pagtaas sa demand. Kahit ngayon, napapansin natin ang klima, the weather is cooler at maulan-ulan at hindi tayo masyadong magamit ng electrical appliances for cooling,” Lotilla said Wednesday, February 19.
“Hopefully, this year, which is a La Niña year, hindi tayo magkaroon ng kasinlaking pagtaas sa demand. Kahit ngayon, napapansin natin ang klima, the weather is cooler at maulan-ulan at hindi tayo masyadong magamit ng electrical appliances for cooling,” Lotilla said Wednesday, February 19.
“Let's hope na ang La Niña which will be in the first quarter of the year will help temper the increase in demand,” he added.
“Let's hope na ang La Niña which will be in the first quarter of the year will help temper the increase in demand,” he added.
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The DOE chief cited the increase in demand last year during the summer season due to El Niño phenomenon which led to thinning supply.
The DOE chief cited the increase in demand last year during the summer season due to El Niño phenomenon which led to thinning supply.
“So during the peak hours, ang nangyari, talagang umakyat by an average of 10 to 12 percent iyong demand at hindi kakayanin sa lahat ng panahon or sa peak hours na magkaroon ng sufficient supply,” Lotilla recalled.
“So during the peak hours, ang nangyari, talagang umakyat by an average of 10 to 12 percent iyong demand at hindi kakayanin sa lahat ng panahon or sa peak hours na magkaroon ng sufficient supply,” Lotilla recalled.
He also noted the cooperation of distribution utilities which prevented rolling brownouts.
He also noted the cooperation of distribution utilities which prevented rolling brownouts.
“So, iyong mga establisimyento or companies na mayroon silang generation sets, ito ay pinaandar nila upang hindi sila magdu-draw from the grid, ito ay voluntary load shedding at ito ay nakapagbawas ng supply ng pangangailangan ng grid ‘no,” he said.
“So, iyong mga establisimyento or companies na mayroon silang generation sets, ito ay pinaandar nila upang hindi sila magdu-draw from the grid, ito ay voluntary load shedding at ito ay nakapagbawas ng supply ng pangangailangan ng grid ‘no,” he said.
The agency’s head also underscored the need to continue investing on renewable energy projects, noting that they are much faster to be built.
The agency’s head also underscored the need to continue investing on renewable energy projects, noting that they are much faster to be built.
“Dahil nga napaaga ang delivery ng ilang renewable energy plants like iyong solar plants, malaking tulong ito upang i-supply iyong ating bansa. So, tuluy-tuloy na isulong natin itong mga programa,” according to Lotilla.
“Dahil nga napaaga ang delivery ng ilang renewable energy plants like iyong solar plants, malaking tulong ito upang i-supply iyong ating bansa. So, tuluy-tuloy na isulong natin itong mga programa,” according to Lotilla.
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