Trump's 46% tariff on Vietnamese imports could increase prices on shoes, furniture, and toys

From CNBC: 2025-04-02 17:49:00

Vietnam has become a popular alternative for manufacturing goods as companies shift production out of China to avoid U.S. trade tensions. President Trump announced a 46% duty on imports from Vietnam starting April 9, impacting major corporations in the apparel, furniture, and toy industries. Vietnam’s imports to the U.S. grew to $136.6 billion in 2024, up 19% from 2023, while imports from China only rose 2.8% in the same period.

Some well-known companies, such as Nike, Adidas, and Steve Madden, rely heavily on manufacturing in Vietnam. Nike, for example, manufacturers about half of its footwear in China and Vietnam, with a 34% tariff announced by Trump on Vietnamese imports. The footwear industry, including companies like VF Corporation, has also ramped up its reliance on Vietnam for production.

Toy manufacturers like Hasbro, Mattel, and Crayola also work with GFT Group in Vietnam, with five production facilities employing over 15,000 workers. Companies are strategizing to offset tariffs by renegotiating factory costs, accelerating production shifts to other countries, and implementing pricing adjustments. The new tariff policies have raised questions for manufacturers about where to potentially move their production amid uncertainties about tariff impacts and targeted countries.



Read more at CNBC: Trump tariffs on Vietnam could raise prices for shoes, furniture, toys