Some in the retail industry are relieved that tariffs on Vietnamese imports could be 20% instead of a previously proposed 46%, but the duties are expected to lead to higher prices, which could chill consumer spending. Vietnam was the retail industry’s backup plan after Trump hiked tariffs on China during his first term, and it’s now the second largest supplier for footwear, apparel and accessories sold into the U.S., according to the American Apparel & Footwear Association. Trump’s proposed deal with Vietnam is a positive sign that similar frameworks could be announced for other Asian countries facing reciprocal tariffs like Malaysia, Cambodia and Bangladesh. A worker seals a box containing packed items of clothing inside a warehouse at a Thai Son S.P. Co. garment factory in Binh Thuan province, Ho Chi Minh City, Vietnam, on Thursday, Apr. 10, 2025. Linh
