President Donald Trump announced on Friday that Vietnamese leader To Lam expressed a willingness to eliminate tariffs in order to avoid punitive new U.S. duties imposed on imports from Vietnam. In a post on social media, Trump shared details of a productive call with To Lam, stating, “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.”
The news of the call positively impacted the stock market, with shares of companies that manufacture goods in Vietnam, such as Nike, rising more than 4%. This announcement follows the Trump administration’s recent imposition of tariffs of 46% on Vietnam.
The announcement comes amid a strong performance in the U.S. economy, as the Labor Department reported that employers added 228,000 jobs in March, surpassing the expectations of economists who predicted an addition of 135,000 jobs. The unemployment rate rose slightly to 4.2%, which was higher than anticipated. Additionally, revisions to previous months’ job gains showed a decrease of 48,000 jobs from earlier reports.
In March, the private sector added 209,000 jobs, significantly exceeding the expected 127,000. The government sector added 19,000 jobs, although federal employment saw a decline of 4,000 jobs. The manufacturing sector added only 1,000 jobs, falling short of the anticipated 4,000.
Healthcare saw a robust addition of 53,600 jobs, consistent with the average monthly gain over the past year. Notably, social assistance roles experienced significant growth, adding 24,200 jobs in March. Retail also saw an increase of 23,700 jobs, driven by gains in food and beverage retail, while general merchandise retailers lost jobs.
Transportation and storage added 22,900 jobs, nearly double the average monthly gain over the past year. However, job losses in storage and warehouses partially offset gains in couriers and truck transportation.
The labor force participation rate remained steady at 62.5%. Nancy Vanden Houten, lead U.S. economist at Oxford Finance, noted that while the March employment report reflects past performance, it was stronger than expected and provides the Federal Reserve with the flexibility to maintain its current policy stance as it assesses the impact of the administration’s actions on inflation. Vanden Houten projected that tariffs could push inflation close to 4% this year.
Lori Chavez-Deremer, speaking on “Varney & Co.” on FOX Business, expressed optimism about the jobs report, stating, “228,000 jobs, we blew it out of the market, we blew it out of the water.” She attributed the positive job growth to the administration’s economic policies and ideas.
