Toy Association Applauds Delay of Tariffs on Vietnam Goods
July 20, 2021 | The Toy Association praises the U.S. Treasury Department’s new agreement with the State Bank of Vietnam addressing concerns about Vietnam weakening its currency to give its exporters a competitive advantage. The new deal is expected to halt any potential U.S. tariffs on imports from Vietnam, which were previously proposed by the Trump administration to resolve trade disputes between the two nations.
“As a leading hub for toy manufacturing, Vietnam responded effectively to production exiting China during the U.S.-China trade disputes,” said Steve Pasierb, president & CEO of The Toy Association. “If such tariffs had been levied, it would have served yet another blow to U.S. toy companies, quality U.S.-based toy and retail jobs, as well as America's families, all of whom are already dealing with the dramatic impacts of the shipping crisis. This currency deal echoes The Toy Association's advocacy message that there are better options to resolving trade disputes than turning straight to tariffs.”
Last week, The Toy Association joined a multi-industry coalition of 75 businesses and trade associations in submitting a letter to U.S. Trade Representative (USTR) Katherine Tai, urging the USTR not to move forward with “currency manipulation” and “illegal timber” Section 301 investigations against Vietnam that began under President Trump.
The Toy Association has continued to take a strong stance against tariffs and will continue to advocate against any future threats. The Association remains an active member of the Americans for Free Trade coalition, which, alongside more than 200 other companies and trade associations, previously took action to oppose the tariffs on Vietnam and China as well as lobby lawmakers on Capitol Hill on the issue.
Toy Association members seeking more information on this topic may contact Leigh Moyers, The Toy Association’s director of federal government affairs.