Prime Minister Anthony Albanese has criticised US President Donald Trump's pledge to double tariffs on steel and aluminium.

The European Union says United States President Donald Trump's plan to double import taxes on steel and aluminum products "adds further uncertainty to the global economy and increases costs for consumers and businesses on both sides of the Atlantic" and "undermines" efforts to bring an end to the wider tariffs stand-off.

By the end of May, the total textile and garment industry's exports reached nearly 16.8 billion USD, including nearly 15 billion USD from exports of textiles and garments. Exports to key markets such as the US, Japan, and Europe all saw double-digit growth.

US President Donald Trump and Chinese President Xi Jinping will speak soon to iron out trade issues including a dispute over critical minerals, Treasury Secretary Scott Bessent said on Sunday (Jun 1).

Vietnam has emerged as the world’s third-largest footwear producer and the second-largest exporter, trailing behind China, according to the Vietnam Leather, Footwear, and Handbag Association (LEFASO).

According to the Department of Vietnam Customs, in the first four months of 2025, the trade turnover of agricultural, forestry and aquatic products between Vietnam and China was estimated at 5.07 billion USD, up 3.7% over the same period in 2024. Of which exports from Vietnam reached about 3.62 billion USD (down 1.1%), and imports 1.45 billion USD (up 17.6%).

Vietnam that exports rubber to approximately 80 countries and territories worldwide is poised to capitalise on a global rubber shortage, with the Vietnam Rubber Association (VRA) forecasting significant growth in both export volume and value throughout 2025.

According to S&P Global, Vietnam’s Manufacturing Purchasing Managers’ Index (PMI) rose to 49.8 in May from 45.6 in April, remaining just below the 50-point threshold. The reading signals a near-return to stable operating conditions.

ASEAN is seeking to expand its membership in two key trade agreements - the Regional Comprehensive Economic Partnership (RCEP) and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) as part of efforts to strengthen regional economic integration.

President Donald Trump announced Friday that he would set tariffs on steel imported into the United States at 50%, double their current rate.