Like many countries around the world, Vietnam is transitioning from a linear economy to a circular one, with early steps already underway.

The move comes after Washington paused its "reciprocal tariffs" for almost four months to allow countries to negotiate trade deals with the US.

President Donald Trump said Wednesday that he will impose a 100% tariff on computer chips, raising the specter of higher prices for electronics, autos, household appliances and other essential products dependent on the processors powering the digital age.

The Ministry of Industry and Trade (MoIT) is expected to submit to the Prime Minister on August 8 a comprehensive response plan to address the recent adjustments in US reciprocal tariffs.

Vietnam will continue talks with the United States to finalise a trade agreement between the two countries, the Southeast Asian country's government said on Thursday, as U.S. President Donald Trump's new tariffs took effect.

Tougher U.S. trade penalties on goods originating in one country being re-shipped from another are not expected to immediately follow new U.S. tariffs, three people in Southeast Asia with knowledge of the matter said, easing a major cause of concern.

Vietnamese businesses are adapting to new US tariffs by investing in local supply chains, exploring new export markets, and innovating to maintain competitiveness in a challenging global landscape.

The Trump administration has been talking to drugmakers about ways to raise prices of medicines in Europe and elsewhere in order to cut drug costs in the United States, according to a White House official and three pharmaceutical industry sources.

U.S. President Donald Trump's higher tariffs on imports from dozens of countries kicked in on Thursday, raising the average U.S. import duty to its highest in a century and leaving major trade partners such as Switzerland, Brazil and India hurriedly searching for a better deal.

Industry representatives warn of job losses and say decision could be ‘nail in the coffin’ for those exporting to the US.