South Korea & Vietnam Strengthen Trade Ties Amid US Tariffs
South Korean President Lee Jae Myung is welcoming Vietnamese leader Lam Ta for a summit on 11 August, as both nations seek to strengthen trade ties in the face of US tariffs. Meanwhile, Brazil and India have expressed a desire to deepen economic relations due to higher US tariffs.
The summit between South Korea and Vietnam comes as both countries, heavily reliant on exports, look to diversify their trade relations. US tariffs, which took effect on 7 August, have led to increased tariff rates for both nations - 20% for Vietnam and 15% for South Korea. This has prompted South Korean businesses to explore potential investments in major infrastructure projects in Vietnam.
In a similar vein, Brazil and India are aiming to grow their bilateral trade to $20bn by 2030. The leaders, Luiz Inacio Lula da Silva and Narendra Modi, plan to sign ten memorandums of understanding, outlining cooperation initiatives across various sectors. This move is part of a broader effort by several countries, including Lesotho and South Africa, to improve their economic relations and mitigate the impact of US tariffs on their export-dependent economies.
The meetings and initiatives highlight a global response to US tariffs, with nations seeking to bolster their economic ties and reduce dependence on US markets. The summit between South Korea and Vietnam, and the Brazil-India trade talks, signal a shift towards more diversified and robust international economic relations.
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