US and Vietnam reach timber pact thus averting punitive tariffs

A private wood processing workshop owner inspects timbers at his workshop in Hanoi. - AFP

HANOI, Oct 2 (Bloomberg): The US and Vietnam reached an agreement over illegally harvested and traded timber that will see the Asian nation avert punitive tariffs in the process.

The accord "secures commitments that will help keep illegally harvested or traded timber out of the supply chain and protect the environment and natural resources,” and no trade action is warranted for now, the Office of the US Trade Representative said in an emailed statement Friday.