Shares of clothing and footwear retailers are climbing on Friday after President Donald Trump revealed that Vietnam is interested in negotiations to reduce tariffs.
The Details: President Trump said in a post on Truth Social that he had a "very productive call" with To Lam, General Secretary of the Communist Party of Vietnam regarding possible negotiations to eliminate tariffs.
"Just had a very productive call with To Lam, General Secretary of the Communist Party of Vietnam, who told me that 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," Trump wrote.
Trump announced a steep 46% tariff on goods imported from Vietnam on Wednesday afternoon, which led to broad declines across the retail sector, which relies heavily on manufacturing in Vietnam.
What Else: According to a Bloomberg report from earlier Friday morning, Vietnam had asked the Trump administration to delay the 46% tariff on Vietnamese goods for up to three months to enable further negotiations to take place.
Deputy Prime Minister Ho Duc Phoc said that Vietnam would look to purchase more U.S.-made goods, including technology, in order to balance the trade relationship, according to a statement on the government's website.
Other government and central bank officials stated that Vietnam would consider removing trade barriers and taxes while continuing discussions with the United States, according to Bloomberg.
Stocks React: Nike, Inc.
Several clothing and footwear companies are recovering some of Thursday's losses as well, including:
