Trump Tariffs: Playground Bully, Bamboo Diplomacy, Trump-Musk Win, Americans Lose

Prime Minister Pham Minh Chinh once quipped:

"I'll golf all day at Mar-a-Lago if it helps Vietnam."

Isn’t that the very definition of putting country first? To protect your country by willingly endure Trump’s meandering delusions of grandeur ... those interminable monologues where history’s greatest dealmaker somehow always ends up the hero ... in his mind? Vietnam’s Prime Minister faced no real choice. His country's $123.5 billion trade surplus with the USA is 30% of his nation’s economy: dangling by the thread of Trump’s extortionate tariffs.

The "Art" of the Trump-Musk Deal

The April 2025 "deal" was classic Trumpian theater-all bluster, no substance. While Trump strutted about "winning," his negotiators settled for laughable concessions: a measly 3% LNG tariff cut, 5% on ethanol, and auto duties still 50% higher than ASEAN neighbors. American consumers got nothing on textiles or electronics-Vietnam's actual exports. The real winners? Two men who treat U.S. trade policy as their personal ATM.

The Spoils of Corruption

Elon Musk scored Vietnam's first-ever 100% foreign telecom license for Starlink-an unprecedented monopoly approved March 26, just days before Trump's April 2 tariff "concessions." No bidding. No oversight. Just pure regulatory capture by a man who conveniently advised Trump on "government efficiency." Meanwhile, Trump secured fast-tracked approval for a $1.5 billion golf resort on protected coastline-complete with waived environmental reviews in a country with fewer golfers than Toledo, Ohio.

The Ugly Truth

This wasn't diplomacy. It wasn't even negotiation. It was a protection racket masquerading as statecraft, where Trump and Musk shook down Vietnam for personal gain while leaving American workers holding the bag. The tariffs didn't protect U.S. industry-they protected Trump's wallet. The "deals" didn't open markets-they opened Vietnamese regulators' doors to Musk's monopoly ambitions.

The receipts don't lie: When Trump talks "America First," he means "Trump First." Always has. Always will

A. Energy & Chemicals

• Liquefied Natural Gas (LNG): Reduced from 5% to 2%
• Ethane: Fully removed (previously unspecified rate)
• Ethanol: Reduced from 10% to 5%

B. Automobiles

• Passenger Vehicles: Reduced from 45-64% to 32%
• Comparison to ASEAN Rates:
  • Thailand: 20% (standard import duty)
  • Malaysia: 0-30% (often 0% under ASEAN trade deals)
  • Indonesia: 0% (for most ASEAN-sourced vehicles)
  • Philippines: 5-30% (often 0% for ASEAN partners)
• Conclusion: Vietnam's 32% rate is 12-32 percentage points higher than ASEAN peers' tariffs on non-regional imports.

C. The Starlink "Sweetheart Deal"

1. Unprecedented Ownership Exception

• Vietnam's Law: Foreign ownership in telecom is capped at 49% (strict licensing required).
• Starlink's Exception:
  • 100% foreign ownership-first waiver in Vietnam's history.
  • No joint venture or local partner required.
  • Starlink licensing (previously stalled) was greenlit.
  • Justification: Classified as a "pilot program" (2025-2030) to bypass legal challenges.

2. No Competitive Bidding

• Standard Process: Vietnam usually requires open tenders (e.g., 5G auctions).
• Starlink's Sole-Source Approval - no public tender.
• Monopoly: Musk is now sole foreign satellite internet provider in Vietnam.

"This isn't free-market competition-it's a geopolitical shakedown. Vietnam surrendered its internet sovereignty to avoid tariffs." - Hanoi Economic Review

D. Trump's Vietnam Golf Resort & Tariff Timeline

1. Project Approval
   • The Trump Organization secured approval for a $1.5 billion luxury golf resort near Hanoi, featuring 3 championship courses and high-end homes.
   • The project was fast-tracked on environmentally sensitive coastal land, with regulatory hurdles reportedly waived.
2. Suspicious Timing with Tariff Negotiations
   • On April 2, 2025, the U.S. granted Vietnam tariff exemptions for key exports (e.g., auto parts, LNG).
3. Parallel Business & Policy Moves
   • Alongside the golf resort approval, Vietnam accelerated deals favorable to U.S. interests:
     • LNG import agreements with U.S. firms were finalized.
4. Market Realities vs. Project Scale
   • Vietnam has only ~100,000 golfers (population: 100M).
   • Trump's golf properties globally (e.g., Scotland's Turnberry) have historically operated at significant losses.

America First?