First Major Country Blinks, Offers To Eliminate All Tariffs On US Goods
President Donald Trump revealed Friday morning that Vietnam is ready to drop all tariffs on American products in a move aimed at heading off newly introduced U.S. tariffs on Vietnamese imports.
“Just had a very productive call with To Lam, General Secretary of the Communist Party of Vietnam, who told me that Vietnam wants to cut their Tariffs down to ZERO if they are able to make an agreement with the U.S. I thanked him on behalf of our Country, and said I look forward to a meeting in the near future,” Trump stated.
According to the Wall Street Journal, “News of the call, which Trump posted about on social media, sent stocks of companies that make some of their goods in Vietnam higher. Shares in Nike, for example, jumped more than 4%.” Earlier this week, the Trump administration had applied a 46% tariff on Vietnamese imports. Trump reiterated on Friday that he’s anticipating a meeting with To Lam soon.
This development coincides with strong economic performance in the United States during March.
Despite lingering uncertainty, the U.S. labor market expanded at a quicker pace in March than it did in February, adding more jobs than expected.
The Labor Department reported that 228,000 new jobs were created in March—well above the 135,000 predicted by LSEG economists.
The unemployment rate edged up to 4.2%, slightly above last month’s figure and economist forecasts. Additionally, the job gains previously reported for January and February were revised downward. January’s job growth was adjusted from 125,000 to 111,000, while February’s was lowered from 151,000 to 117,000—resulting in a net reduction of 48,000 jobs from earlier estimates.
The private sector led March's surge by adding 209,000 jobs—far exceeding the 127,000 expected by analysts.
Government employment grew by 19,000, though federal positions dropped by 4,000, continuing a downward trend after a similar decline in January. As per the Bureau of Labor Statistics, individuals still receiving severance or on paid leave are counted as employed in the establishment survey.
Manufacturing, however, fell short of expectations, gaining only 1,000 jobs compared to the projected 4,000.
Healthcare continued its steady rise, adding 53,600 jobs—right in line with the 12-month average. Hospitals gained 17,100 jobs, residential and nursing care facilities saw an increase of 16,700, and ambulatory healthcare services added 19,800.
Social assistance saw its strongest month in a year, increasing by 24,200 jobs. Most of that growth—21,900 jobs—came from core social services.
Retail also posted gains, adding 23,700 jobs. Food and beverage stores rebounded by 20,700 positions due to the end of a strike. However, general merchandise retailers lost 4,800 jobs. Overall, employment in retail has remained largely flat over the past year.
Transportation and warehousing added 22,900 jobs—almost double the typical monthly gain of 12,000 over the past year. Couriers and messengers (+15,800) and truck drivers (+9,600) contributed heavily, though warehouse jobs decreased by 9,400.
The labor force participation rate remained unchanged at 62.5%, showing little movement month-to-month or year-over-year.
Oxford Finance’s lead U.S. economist, Nancy Vanden Houten, commented, “The March employment report has to be viewed as backward looking, but on balance was a touch stronger than expected and gives the Federal Reserve the space to keep policy on extended hold as it monitors the impact of the Trump administration’s aggressive actions on inflation.” She added, “We expect the tariffs to push inflation close to 4% this year.”
On FOX Business’s Varney & Co., Congresswoman Lori Chavez-Deremer expressed optimism about the numbers, saying, “I couldn’t be more positive and happy for this jobs report this month—228,000 jobs, we blew it out of the market, we blew it out of the water.” She noted the surprise results were proof that “they are responding to Trump’s ideas and economy.”