Vietnam Overtakes China and Mexico in U.S. Trade Surplus, Testing Washington’s Tariff Threats

Workers stitch apparel at a garment factory in Vietnam's Thai Nguyen Province on July 2, 2025. Photo by NHAC NGUYEN / AFP

Vietnam may soon be back in the crosshairs of the Trump administration after it overtook both China and Mexico in January as the country with the largest trade surplus with the U.S.

A 53% surge in Vietnam’s exports to the United States coincided with a 46% plunge in Chinese exports to the U.S. during that same month.

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by Eric Olander

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