A recent survey by the American Chamber of Commerce (AmCham) in Vietnam shows that many American (US) manufacturers in the country may be forced to lay off workers if the US government imposes new tariffs.
The survey, conducted in early February, revealed that nearly two-thirds of manufacturers expect job losses if the tariffs are implemented.
President Donald Trump has already approved 25% tariffs on steel and aluminum.
He has also announced plans for more taxes on countries with large trade imbalances, including certain industries such as semiconductors, automobiles and pharmaceuticals.
This imbalance is because Vietnam sells more goods to the US than it buys from the US.
This creates a trade surplus for Vietnam and a trade deficit for the US.
The tariffs imposed during his previous administration have given Vietnam an advantage as many companies have shifted their production from China to Vietnam.
The country has received massive investment, with over 60% of its $500 billion in foreign investment going into the manufacturing sector.
However, concerns are growing that new tariffs could harm business, prompting 41% of companies to consider selling to other markets rather than relying on the US.
