Treasury secretary Janet Yellen met with Vietnam’s PM Pham Minh Chinh to promote trade ties and reduce the US dependency on China as part of the Biden administration’s global supply chain strategy. Since the Trump administration imposed tariffs on Chinese goods in 2018, imports from Vietnam have nearly tripled to USD 127 bln in 2022. Meanwhile, the central bank pledged not to use the exchange rate policy to create unfair trade competitive advantages.