Kingdom leaders eye $5B mark as trade with VN continues rally
Reports: US to slap more tariffs on China
US PRESIDENT Donald Trump has decided to impose tariffs on $200 billion in Chinese imports and could make the announcement in the coming days, US media reported.
Citing anonymous sources, The Washington Post and The Wall Street Journal reported that the tariffs would be set at 10 per cent.
Trump has already imposed 25 per cent tariffs on steel imports and 10 per cent on aluminum, as well as 25 per cent on $50 billion in goods from China.
The prospect of new tariffs undercuts hopes of an imminent reduction in trade tensions between Washington and Beijing.
On Thursday, China had welcomed a US offer to hold fresh trade talks, providing some hope the world’s top two economies could step back from the brink of an all-out trade war.
THE bilateral trade volume between Vietnam and Cambodia continued to grow during the first seven months of this year, prolonging an increase after three years of declines that ended in 2016.
Two-way trade between the Kingdom and its eastern neighbour reached $2.7 billion from January to July, a yearon-year increase of nearly 19 per cent, according to a report from Vietnam’s state-run media on Saturday.
The spokesperson for the Vietnam embassy in Phnom Penh couldn’t be reached for comment on Sunday.
However, speaking at a trade and investment forum in the capital last week, Vietnamese ambassador to Cambodia Vu Quang Minh said enterprises from both countries had plenty of potentials to work in the Kingdom.
“Enterprises of the two countries will have opportunities to learn, exchange and connect with partners, turning the potential and strengths of each into real projects in the coming years,” said Minh.
Despite providing a twoway trade figure, the report didn’t break down imports and exports by country. Trade data from Vietnam’s General Department of Customs last year revealed that the country’s key exports to Cambodia were steel, iron, oil, petroleum and consumer goods.
Meanwhile, Vietnam imported mainly wood products, cashew nuts, rubber and other agricultural products from Cambodia.
Cambodia’s Chamber of Commerce vice-president Lim Heng said the Kingdom’s trade with potential partners has been increasing with Vietnam and other countries due to stable economic growth.
The two nations have been striving to hit $5 billion in yearly bilateral trade since 2015, but have so far come short. But Heng expressed hope that the figure could be met by the end of this year.
“As our country keeps grow- ing, and the construction sector continues to boom, the target for bilateral trade to reach $5 billion will be met this year.
“The demand for steel and other construction materials are increasing and this factor is the major contributor to achieving the goal,” he said.