“It is the unimportant fraud that matters.”

White House Trade Adviser Peter Navarro said on Monday that Vietnam’s offer to eliminate customs duties on American imports would not be enough for the administration to raise the new fees announced last week.

“We will not take Vietnam. When they come to us and say:” We will go to a zero tariff, “CNBC said, and this does not mean anything to us because it is the unimportant fraud that matters.”Squawk box“

Examples of non -carrier “fraud” included Navarro Chinese products that are directed via Vietnam, theft of intellectual property and value -added tax.

Navarro comments come after President Donald Trump said in A. Social truth On Friday, Lam, Secretary -General of the Communist Party in Vietnam, was offered to reduce the definitions of American products to scratch. Later on Monday, Navarro reviewed his statement to say that the display of the zero tariff would be “a small small start.”

Trump announced a widespread tariff last week, which sparked sharp sales in the stock market. Wall Street closely monitor the news about possible negotiations that can reduce these definitions.

Vietnam is a manufacturing center for many companies that sell products in the United States, including retailers like NIKE. The Trump administration said it would be applied 46 % tax on imports From this market. the Vaneck Vietnam Etf (vnm) 10 % fell on Thursday after the announcement of the customs tariff.

VAT is a system that many countries use around the world and are similar to some aspects of sales taxes in the United States in the argument of the Trump administration that the tax should be considered as a large -scale commercial barrier.

“We have tried in the World Trade Organization since the 1970s to obtain relief for value -added tax taxes, and they told us not every time,” Navarro said on Monday.

The commercial advisor also said on Monday that the value -added tax will be a problem in any negotiations on definitions with the European Union.

This is urgent news. Please update for updates.