The US last week named Vietnam a currency manipulator, a move that trade experts said could pave the way for Trump to impose tariffs on Vietnamese goods before he leaves office in January.

“President Trump raised concerns regarding the trade deficit and urged Prime Minister Phuc to take bold steps to ensure fair and reciprocal trade between the US and Vietnam,” White House spokesman Judd Deere said.

US companies imported about US$65 billion worth of goods from Vietnam in the first 10 months of 2020, compared with US$66.6 billion for all of 2019.

The US is Vietnam’s largest export market, accounting for over a quarter of its total export revenue in the first 11 months of this year.

Its key exports to the United States include garments, electronics and wooden products.