Jared Bernstein on Trade Deal with Vietnam: 20% Is Quite High Import Tax Rate

EXCERPT:

BERNSTEIN: “Well, my first reaction is that this lands on a pretty high tariff rate. Twenty percent is actually quite a high import tax on something like $140 billion worth of goods and services that were imported from Vietnam last year. I think it's useful to look at some of the companies' reaction in the market yesterday. We're talking about big name American companies, Nike, which, by the way, produces about half of their shoes in Vietnam, Lululemon, Columbia Sportswear, Under Armour. Initially, when they heard there was a deal, I think they really liked the certainty of at least having this thing done before July 9th.”