diff --git a/server/lib/builders/document-builder.js b/server/lib/builders/document-builder.js index 02b45514..e781e385 100644 --- a/server/lib/builders/document-builder.js +++ b/server/lib/builders/document-builder.js @@ -88,18 +88,31 @@ module.exports = exports = class DocumentBuilder { removeNonSyndicatableImages() { const embedsMap = arrayToMap(this.content.embeds); - Array.from(this.contentDocument.getElementsByTagName('img')).forEach( (el) => { - const imageType = el.getAttribute('data-image-type'); - + let isFlourishElement = false; + // identify flourish element + const elementSrc = el.getAttribute('src'); + if(elementSrc?.includes('public.flourish.studio/')) { + isFlourishElement = true; + } + + let imageType = el.getAttribute('data-image-type'); + if(isFlourishElement) { + imageType = 'graphic'; + } + let imageId = el.getAttribute('data-id') || el.getAttribute('data-content-id'); - // to handle ids in this format (https://api.ft.com/content/{content_id}}) imageId = imageId.split('/').pop(); - + + if(isFlourishElement) { + const match = elementSrc.match(/\/visualisation\/(\d+)\//); + imageId = match ? match[1] : null; + } + const imageDetails = embedsMap[imageId]; if (imageType !== 'graphic' || !imageDetails || imageDetails.canBeSyndicated !== 'yes') { diff --git a/server/lib/enrich/article.js b/server/lib/enrich/article.js index cb5aa258..f0a74fc7 100644 --- a/server/lib/enrich/article.js +++ b/server/lib/enrich/article.js @@ -13,6 +13,34 @@ const { const RE_BAD_CHARS = /[^A-Za-z0-9_]/gm; const RE_SPACE = /\s/gm; +function extractFourishEmbeds(contentHTMLBody) { + try { + // Regex to extract Flourish IDs + const flourishIdRegex = /data-flourish-id="(\d+)"/g; + + const flourishEmbeds = []; + let match; + + while ((match = flourishIdRegex.exec(contentHTMLBody)) !== null) { + const id = match[1]; + const flourishContentUrl = encodeURIComponent(`https://public.flourish.studio/visualisation/${id}/thumbnail?cacheBuster=`); + const proxyUrl = `https://www.ft.com/__origami/service/image/v2/images/raw/${flourishContentUrl}?source=cp-content-pipeline&fit=scale-down&quality=highest&width=1020&dpr=1`; + + flourishEmbeds.push({ + apiUrl: proxyUrl, + binaryUrl: proxyUrl, + canBeSyndicated: 'yes', + id: id, + type: 'http://www.ft.com/ontology/content/Graphic' + }); + } + return flourishEmbeds; + + } catch(error){ + return null; + } +} + module.exports = exports = function article(content, contract, graphicSyndicationFlag) { if (!content.content_id) { content.content_id = path.basename(content.id); @@ -28,6 +56,15 @@ module.exports = exports = function article(content, contract, graphicSyndicatio content.bodyHTML = content.body; } + const flourishEmbeds = extractFourishEmbeds(content.bodyHTML); + if(flourishEmbeds) { + content.embeds = content.embeds ?? []; + content.embeds.push(...flourishEmbeds); + if(content.contentStats){ + content.contentStats.graphics += flourishEmbeds.length; + } + } + content.wordCount = getWordCount(content); content.hasGraphics = Boolean(content.contentStats && content.contentStats.graphics); diff --git a/test/fixtures/content/e5f23433-e435-4c81-88c3-4285b12f0d6a.json b/test/fixtures/content/e5f23433-e435-4c81-88c3-4285b12f0d6a.json new file mode 100644 index 00000000..d9d8b35e --- /dev/null +++ b/test/fixtures/content/e5f23433-e435-4c81-88c3-4285b12f0d6a.json @@ -0,0 +1,620 @@ +{ + "id": "e5f23433-e435-4c81-88c3-4285b12f0d6a", + "webUrl": "https://www.ft.com/content/e5f23433-e435-4c81-88c3-4285b12f0d6a", + "title": "Vietnam got an early trade deal with Donald Trump. Was it worth it?", + "alternativeTitles": { + "promotionalTitle": "Vietnam got a Trump trade deal early. Was it worth it?" + }, + "standfirst": "Businesses wonder if Hanoi locked in better terms on tariffs by moving quickly — or gave up too much", + "provenance": [ + "https://api.ft.com/internalcontent/e5f23433-e435-4c81-88c3-4285b12f0d6a" + ], + "byline": "A. Anantha Lakshmi in Hanoi", + "publishedDate": "2025-07-13T01:00:04.016Z", + "firstPublishedDate": "2025-07-13T01:00:04.016Z", + "lastModified": "2025-07-13T01:00:04.000Z", + "publishReference": "tid_cct_e5f23433-e435-4c81-88c3-4285b12f0d6a_1752368404223", + "bodyText": "For Thanh Cong Garment, a Vietnamese supplier to apparel companies including Adidas, Calvin Klein and Columbia, a trade deal to avoid the worst of US President Donald Trump’s tariffs should have been a huge relief.\n\nVietnam was one of only two countries that Trump said has clinched a deal with the US by a July 9 deadline to avoid his so-called reciprocal tariffs. This week, many of its neighbours received letters from the White House threatening, in some cases, higher levies.\n\nBut the company was left puzzling over the lack of detail in the agreement. Trump announced a blanket 20 per cent tariff rate, down from an initial threat of 46 per cent, but neither Vietnam nor the US has provided further details or released a final version of a trade agreement.\n\nHanoi has also not confirmed the new tariff rate, saying only that the two sides had reached a “fair and balanced reciprocal trade agreement framework”, raising further uncertainty for companies.\n\nThe US side also included a clause threatening a 40 per cent rate on goods “transshipped” — or rerouted — through Vietnam, though it did not define transshipment. But the clause has stoked concerns among businesses that they will be penalised for using Chinese inputs, which are critical to supply chains in Vietnam.\n\nTran Nhu Tung, the company’s chair, noted that the 20 per cent base rate was not much higher than the 15-17 per cent import tax currently paid by Vietnamese garment makers. But the transshipment clause could prove to be a huge challenge.\n\n“For the products that [have] materials from China but manufactured in Vietnam, what is the tariff to export to the US? 20 per cent or 30 per cent or 35 per cent?” said Tung. “We need to wait.”\n\nVietnam, one of the biggest suppliers of apparel, shoes, electronics and other products to the US, became a manufacturing powerhouse in recent years, attracting the likes of Apple, Nike and Samsung as companies rushed to relocate production out of China to avoid blowback from geopolitical tensions.\n\nMany of those companies are clambering to figure out the new trade deal will work — and whether by moving quickly, Vietnam has scored favourable terms or hemmed itself in.\n\n“There is a sigh of relief that at least we know what the answer is for Vietnam . . . but there is still quite a lot of uncertainty in the agreement that exists right now,” said Rich McClellan, founder of the RMAC Advisory, whose clients include companies and the Vietnamese government.\n\nThe transshipment clause is “the most ambiguous and most potentially risky portion of this agreement”, he added.\n\nVietnam has a lot at stake. One of the world’s most trade dependent countries, with an exports-to-GDP ratio of nearly 90 per cent, a third of its exports go to the US alone, making a higher tariff rate a significant risk for economic growth.\n\nIts trade surplus with the US has surged in recent years to $123bn in 2024, the third-largest behind China and Mexico.\n\nThe country also drawn accusations of serving as a conduit for Chinese companies seeking to avoid Washington’s tariffs. A large amount of manufacturing investment in Vietnam has come from China, which accounted for almost one in three new projects last year.\n\nExperts say the Trump administration’s definition of transshipment could refer to a range of practices from simply repackaging Chinese goods with a counterfeit “made in Vietnam” label or to using Chinese raw materials in goods manufactured in Vietnam.\n\n“The impact may be more limited if these 40 per cent tariffs are enforced solely for the most egregious practices of plain diversion of trade to avoid US tariffs,” said MUFG analyst Michael Wan.\n\n“In contrast, if there is a stricter determination of transshipment defined as a certain threshold of foreign value added, the impact . . . may be pronounced.”\n\nGiven the Trump administration’s interest in isolating China, businesses fear a wider definition. This would be extremely damaging for Vietnam, where many businesses rely on Chinese raw materials and components, and warned that removing them would be impossible.\n\n“That is not realistic, that does not take into account how global supply chains work,” said one American businessman in Hanoi. “It’s not just impossible for Vietnam. It’s impossible for everybody.”\n\nAnother big unknown is how Vietnam’s tariff rate will compare with those of its neighbours — a difference that will be critical to Vietnam retaining its competitive advantage as a manufacturing hub. Trump has set a new deadline of August 1 for countries to come to an agreement with the US.\n\n“Whether the negotiated tariff is ultimately a win or loss for Vietnam will largely depend on whether other ‘China plus one’ markets secure similar deals,” said Marco Förster, Asean director at Dezan Shira & Associates.\n\nOfficial data for the first half of the year shows FDI increased nearly a third to $21.5bn, suggesting that investment had not been scared off by the tariff uncertainty. Vietnam also has an edge in certain incentives and cheaper costs for producers.\n\nBut Steve Greenspon, founder of US home goods retailer Honey-Can-Do, warned that even “a 20 per cent tariff will result in higher prices and inflation on goods”.\n\n“This will certainly lead to reduced demand for goods, hurting American businesses and jobs,” he said. “Companies will continue to produce their products in Vietnam, though at a lower pace than prior to the tariffs.”\n\nFor Tung, orders from US customers for the third quarter had already dropped between 15 and 20 per cent, after a rush to ship orders before the July 9 deadline. Up to 70 per cent of raw materials for garment manufacturing, from cotton yarn to zippers and elastic, are sourced from China, making it difficult for the industry to avoid being caught up in transshipment.\n\n“Most of the garment materials of Vietnamese garment firms are imported from China,” said Tung. “So it’s difficult to find another materials supplier apart from China.”\n\nData visualisation by Haohsiang Ko in Hong Kong", + "curatedRelatedContent": [], + "containedIn": [], + "canBeDistributed": "yes", + "canBeSyndicated": "yes", + "comments": { + "enabled": true + }, + "standout": { + "editorsChoice": false, + "exclusive": false, + "scoop": false + }, + "realtime": false, + "editorialDesk": "/FT/WorldNews/Asia Pacific", + "originatingParty": "FT", + "_lastUpdatedDateTime": "2025-07-21T22:47:56.465Z", + "_lastUpdatedVersion": "af6bf864f34dfda56b2b8f7f34ff83e55fe34c97", + "type": "article", + "accessLevel": "subscribed", + "topper": { + "headline": "Vietnam got an early trade deal with Donald Trump. 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Anantha Lakshmi", + "type": "PERSON", + "types": [ + "http://www.ft.com/ontology/core/Thing", + "http://www.ft.com/ontology/concept/Concept", + "http://www.ft.com/ontology/person/Person" + ], + "preposition": "from", + "url": "https://www.ft.com/stream/4752562a-a7fe-47e9-b42f-526e61507a83", + "relativeUrl": "/stream/4752562a-a7fe-47e9-b42f-526e61507a83" + } + ], + "design": { + "theme": "basic", + "layout": "default" + }, + "bodyHTML": "\u003Cp\u003EFor Thanh Cong Garment, a Vietnamese supplier to apparel companies including Adidas, Calvin Klein and Columbia, a trade deal to avoid the worst of US President Donald Trump’s tariffs should have been a huge relief.\u003C/p\u003E\u003Cp\u003EVietnam was one of only two countries that Trump said has \u003Ca href=\"https://www.ft.com/content/69260592-2c59-4750-a6a9-229fe0f84145\"\u003Eclinched a deal\u003C/a\u003E with the US by a July 9 deadline to avoid his so-called reciprocal tariffs. This week, many of its neighbours \u003Ca href=\"https://www.ft.com/content/613678ac-2e61-436b-9d0f-2a8f85a20dee\"\u003Ereceived letters\u003C/a\u003E from the White House threatening, in some cases, higher levies.\u003C/p\u003E\u003Cp\u003EBut the company was left puzzling over the lack of detail in the agreement. Trump announced a blanket 20 per cent tariff rate, down from an initial threat of 46 per cent, but neither Vietnam nor the US has provided further details or released a final version of a trade agreement. \u003C/p\u003E\u003Cp\u003EHanoi has also not confirmed the new tariff rate, saying only that the two sides had reached a “fair and balanced reciprocal trade agreement framework”, raising further uncertainty for companies.\u003C/p\u003E\u003Cp\u003EThe US side also included a clause threatening a 40 per cent rate on \u003Ca href=\"https://www.ft.com/content/d3941234-2eeb-476c-9a8c-249a35c8b7fa\"\u003Egoods “transshipped”\u003C/a\u003E — or rerouted — through Vietnam, though it did not define transshipment. But the clause has stoked concerns among businesses that they will be penalised for using Chinese inputs, which are critical to supply chains in Vietnam.\u003C/p\u003E\u003Cp\u003ETran Nhu Tung, the company’s chair, noted that the 20 per cent base rate was not much higher than the 15-17 per cent import tax currently paid by Vietnamese garment makers. But the transshipment clause could prove to be a huge challenge.\u003C/p\u003E\u003Cp\u003E“For the products that [have] materials from China but manufactured in Vietnam, what is the tariff to export to the US? 20 per cent or 30 per cent or 35 per cent?” said Tung. “We need to wait.”\u003C/p\u003E\n\t\t\t\t\t\u003Cfigure class=\"n-content-picture\"\u003E\n\t\t\t\t\t\t\u003Cpicture data-asset-type=\"flourish\" data-flourish-id=\"24172475\" data-flourish-type=\"visualisation\"\u003E\n\t\t\t\t\t\t\t\u003Csource media=\"screen and (max-width: 490px)\" srcset=\"https://public.flourish.studio/visualisation/24172475/thumbnail?cacheBuster=\" data-original-image-width=\"1020\" data-original-image-height=\"582\"\u003E\n\t\t\t\t\t\t\t\u003Cimg src=\"https://public.flourish.studio/visualisation/24172475/thumbnail?cacheBuster=\" alt=\"\" data-original-image-width=\"1020\" data-original-image-height=\"582\"\u003E\n\t\t\t\t\t\t\u003C/picture\u003E\n\t\t\t\t\t\u003C/figure\u003E\n\t\t\t\t\u003Cp\u003EVietnam, one of the biggest suppliers of apparel, shoes, electronics and other products to the US, became a manufacturing powerhouse in recent years, attracting the likes of Apple, Nike and Samsung as companies rushed to relocate production out of China to avoid blowback from geopolitical tensions.\u003C/p\u003E\u003Cp\u003EMany of those companies are clambering to figure out the new trade deal will work — and whether by moving quickly, Vietnam has scored favourable terms or hemmed itself in.\u003C/p\u003E\u003Cp\u003E“There is a sigh of relief that at least we know what the answer is for Vietnam . . . but there is still quite a lot of uncertainty in the agreement that exists right now,” said Rich McClellan, founder of the RMAC Advisory, whose clients include companies and the Vietnamese government.\u003C/p\u003E\u003Cp\u003EThe transshipment clause is “the most ambiguous and most potentially risky portion of this agreement”, he added. \u003C/p\u003E\u003Cp\u003E\u003Ca href=\"https://www.ft.com/stream/ba15fdc1-6edd-3dc1-83d7-04a04991e0c8\"\u003EVietnam\u003C/a\u003E has a lot at stake. One of the world’s most trade dependent countries, with an exports-to-GDP ratio of nearly 90 per cent, a third of its exports go to the US alone, making a higher tariff rate a significant risk for economic growth. \u003C/p\u003E\u003Cp\u003EIts trade surplus with the US has surged in recent years to $123bn in 2024, the third-largest behind China and Mexico. \u003C/p\u003E\u003Cp\u003EThe country also drawn accusations of serving as a conduit for Chinese companies seeking to avoid Washington’s tariffs. A large amount of manufacturing investment in Vietnam has \u003Ca href=\"https://www.ft.com/content/d214d732-4126-406b-a926-3850a6168333\"\u003Ecome from China\u003C/a\u003E, which accounted for almost one in three new projects last year. \u003C/p\u003E\n\t\t\t\t\t\u003Cfigure class=\"n-content-picture\"\u003E\n\t\t\t\t\t\t\u003Cpicture data-asset-type=\"flourish\" data-flourish-id=\"23702177\" data-flourish-type=\"visualisation\"\u003E\n\t\t\t\t\t\t\t\u003Csource media=\"screen and (max-width: 490px)\" srcset=\"https://public.flourish.studio/visualisation/23702177/thumbnail?cacheBuster=\" data-original-image-width=\"1020\" data-original-image-height=\"708\"\u003E\n\t\t\t\t\t\t\t\u003Cimg src=\"https://public.flourish.studio/visualisation/23702177/thumbnail?cacheBuster=\" alt=\"\" data-original-image-width=\"1020\" data-original-image-height=\"708\"\u003E\n\t\t\t\t\t\t\u003C/picture\u003E\n\t\t\t\t\t\u003C/figure\u003E\n\t\t\t\t\u003Cp\u003EExperts say the Trump administration’s definition of transshipment could refer to \u003Ca href=\"https://www.ft.com/content/41788509-f7ce-4d1a-ba90-29ce9b682dec\"\u003Ea range of practices\u003C/a\u003E from simply repackaging Chinese goods with a counterfeit “made in Vietnam” label or to using Chinese raw materials in goods manufactured in Vietnam.\u003C/p\u003E\u003Cp\u003E“The impact may be more limited if these 40 per cent tariffs are enforced solely for the most egregious practices of plain diversion of trade to avoid US tariffs,” said MUFG analyst Michael Wan. \u003C/p\u003E\u003Cp\u003E“In contrast, if there is a stricter determination of transshipment defined as a certain threshold of foreign value added, the impact . . . may be pronounced.” \u003C/p\u003E\u003Cp\u003EGiven the Trump administration’s \u003Ca href=\"https://www.ft.com/content/2bccd9db-bc8f-4563-a5da-7ca1fe7e9596\"\u003Einterest in isolating China\u003C/a\u003E, businesses fear a wider definition. This would be extremely damaging for Vietnam, where many businesses rely on Chinese raw materials and components, and warned that removing them would be impossible.\u003C/p\u003E\u003Cp\u003E“That is not realistic, that does not take into account how global supply chains work,” said one American businessman in Hanoi. “It’s not just impossible for Vietnam. It’s impossible for everybody.”\u003C/p\u003E\n\t\t\t\t\t\u003Cfigure class=\"n-content-picture\"\u003E\n\t\t\t\t\t\t\u003Cpicture data-asset-type=\"flourish\" data-flourish-id=\"24174257\" data-flourish-type=\"visualisation\"\u003E\n\t\t\t\t\t\t\t\u003Csource media=\"screen and (max-width: 490px)\" srcset=\"https://public.flourish.studio/visualisation/24174257/thumbnail?cacheBuster=\" data-original-image-width=\"1020\" data-original-image-height=\"587\"\u003E\n\t\t\t\t\t\t\t\u003Cimg src=\"https://public.flourish.studio/visualisation/24174257/thumbnail?cacheBuster=\" alt=\"\" data-original-image-width=\"1020\" data-original-image-height=\"587\"\u003E\n\t\t\t\t\t\t\u003C/picture\u003E\n\t\t\t\t\t\u003C/figure\u003E\n\t\t\t\t\u003Cp\u003EAnother big unknown is how Vietnam’s tariff rate will \u003Ca href=\"https://www.ft.com/content/bc6b1f7a-36a4-4b7b-b9c4-ed111fd7ddd9\"\u003Ecompare with those of its neighbours\u003C/a\u003E — a difference that will be critical to Vietnam retaining its competitive advantage as a manufacturing hub. Trump has set a new deadline of August 1 for countries to come to an agreement with the US.\u003C/p\u003E\u003Cp\u003E“Whether the negotiated tariff is ultimately a win or loss for Vietnam will largely depend on whether other ‘China plus one’ markets secure similar deals,” said Marco Förster, Asean director at Dezan Shira & Associates.\u003C/p\u003E\u003Cp\u003EOfficial data for the first half of the year shows FDI increased nearly a third to $21.5bn, suggesting that investment had not been scared off by the tariff uncertainty. Vietnam also has an edge in certain incentives and cheaper costs for producers.\u003C/p\u003E\u003Cp\u003EBut Steve Greenspon, founder of US home goods retailer Honey-Can-Do, warned that even “a 20 per cent tariff will result in higher prices and inflation on goods”.\u003C/p\u003E\n\t\t\t\u003Caside class=\"n-content-recommended\" role=\"complementary\"\u003E\n\t\t\t\t\u003Ch2 class=\"n-content-recommended__title\"\u003ERecommended\u003C/h2\u003E\n\t\t\t\t\n\t\t\t\t\u003Cul\u003E\u003Cli\u003E\u003Ca href=\"/content/81caf263-7e5a-43bb-9ee4-1de1a89bc394\"\u003EVietnam risks being the trade war’s biggest loser. Does it have a plan B?\u003C/a\u003E\u003C/li\u003E\u003C/ul\u003E\n\t\t\t\u003C/aside\u003E\n\t\t\u003Cp\u003E“This will certainly lead to reduced demand for goods, hurting American businesses and jobs,” he said. “Companies will continue to produce their products in Vietnam, though at a lower pace than prior to the tariffs.”\u003C/p\u003E\u003Cp\u003EFor Tung, orders from US customers for the third quarter had already dropped between 15 and 20 per cent, after a rush to ship orders before the July 9 deadline. Up to 70 per cent of raw materials for garment manufacturing, from cotton yarn to zippers and elastic, are sourced from China, making it difficult for the industry to avoid being caught up in transshipment. \u003C/p\u003E\u003Cp\u003E“Most of the garment materials of Vietnamese garment firms are imported from China,” said Tung. “So it’s difficult to find another materials supplier apart from China.”\u003C/p\u003E\u003Cp\u003E\u003Cem\u003EData visualisation by Haohsiang Ko in Hong Kong\u003C/em\u003E\u003C/p\u003E", + "openingHTML": "\u003Cp\u003EFor Thanh Cong Garment, a Vietnamese supplier to apparel companies including Adidas, Calvin Klein and Columbia, a trade deal to avoid the worst of US President Donald Trump’s tariffs should have been a huge relief.\u003C/p\u003E", + "displayConcept": { + "apiUrl": "http://api.ft.com/things/09f30dda-f3b0-4b6f-81d9-e8f01054d32a", + "directType": "http://www.ft.com/ontology/Topic", + "id": "09f30dda-f3b0-4b6f-81d9-e8f01054d32a", + "predicate": "http://www.ft.com/ontology/annotation/about", + "prefLabel": "Trump tariffs", + "type": "TOPIC", + "types": [ + "http://www.ft.com/ontology/core/Thing", + "http://www.ft.com/ontology/concept/Concept", + "http://www.ft.com/ontology/Topic" + ], + "preposition": "on", + "url": "https://www.ft.com/trump-tariffs", + "relativeUrl": "/trump-tariffs", + "isDisplayTag": true + }, + "teaser": { + "id": "e5f23433-e435-4c81-88c3-4285b12f0d6a", + "url": "https://www.ft.com/content/e5f23433-e435-4c81-88c3-4285b12f0d6a", + "relativeUrl": "/content/e5f23433-e435-4c81-88c3-4285b12f0d6a", + "type": "article", + "indicators": { + "isColumn": false, + "isOpinion": false, + "isScoop": false, + "isExclusive": false, + "isEditorsChoice": false, + "accessLevel": "subscribed", + "isFTEdit": false + }, + "metaPrefixText": "News in-depth", + "metaSuffixText": null, + "metaLink": { + "id": "09f30dda-f3b0-4b6f-81d9-e8f01054d32a", + "predicate": "http://www.ft.com/ontology/hasDisplayTag", + "prefLabel": "Trump tariffs", + "type": "TOPIC", + "url": "https://www.ft.com/trump-tariffs", + "relativeUrl": "/trump-tariffs", + "isDisplayTag": true + }, + "metaAltLink": null, + "title": "Vietnam got a Trump trade deal early. Was it worth it?", + "standfirst": "Businesses wonder if Hanoi locked in better terms on tariffs by moving quickly — or gave up too much", + "altStandfirst": null, + "publishedDate": "2025-07-13T01:00:04.016Z", + "firstPublishedDate": "2025-07-13T01:00:04.016Z", + "image": { + "url": "https://d1e00ek4ebabms.cloudfront.net/production/449f420d-f42f-4820-83ed-840bd509a6f7.jpg", + "width": 2267, + "height": 1275, + "altText": "Labourers work at a garment assembly line of a Thanh Cong factory in Ho Chi Minh City" + }, + "headshot": null, + "parentTheme": null + }, + "contentStats": { + "wordCount": 969, + "paragraphs": 27, + "relatedBoxes": 0, + "pullQuotes": 0, + "pullQuotesWithImages": 0, + "bigNumbers": 0, + "images": 0, + "responsiveImages": 3, + "graphics": 3, + "flourishCharts": 3, + "flourishStories": 0, + "audio": 0, + "videos": 0, + "internalVideos": 0, + "externalVideos": 0, + "subheadings": 0, + "curatedRecommended": 1, + "layouts": 0, + "layoutSlots": 0, + "infoBox": 0, + "tables": 0, + "timelines": 0, + "tweets": 0, + "singleArticleRecommendations": 1, + "sentiment": -14, + "scoreGraphicVolume": 0, + "scoreGraphicDensity": 0, + "scorePictureVolume": 0, + "scorePictureDensity": 0, + "scrollytelling": { + "blocks": 0, + "slides": 0, + "sansThemeBlocks": 0, + "serifThemeBlocks": 0, + "sansThemeSlides": 0, + "serifThemeSlides": 0 + }, + "readingTime": { + "displayText": "4 mins", + "minutes": 3.876, + "seconds": 232.56, + "equivalentWords": 969, + "v": "w250.g40.i5.b5" + } + }, + "extension": "docx", + "content_id": "e5f23433-e435-4c81-88c3-4285b12f0d6a", + "content_type": "article", + "wordCount": 1001, + "hasGraphics": true, + "canAllGraphicsBeSyndicated": true, + "canAtLeastOneGraphicBeSyndicated": true, + "bodyHTML__CLEAN": "\u003Cbody xmlns=\"http://www.w3.org/1999/xhtml\"\u003E\u003Cheader\u003E\n \u003Ch1\u003EVietnam got an early trade deal with Donald Trump. Was it worth it?\u003C/h1\u003E\n \u003Cp\u003E\u003Cstrong style=\"font-weight: bold\"\u003EDate published:\u003C/strong\u003E 13 July 2025\u003C/p\u003E\n \n \u003Cp\u003E\u003Cstrong style=\"font-weight: bold;\"\u003EA. Anantha Lakshmi in Hanoi\u003C/strong\u003E\u003C/p\u003E\n \u003Cp\u003E\u003Cstrong style=\"font-weight: bold\"\u003ESource: FT.com\u003C/strong\u003E\u003C/p\u003E\n \u003Cp\u003E\u003Cstrong style=\"font-weight: bold;\"\u003EWord count: 1001\u003C/strong\u003E\u003C/p\u003E\n \u003Cp\u003E\u003Cstrong style=\"font-weight: bold;\"\u003ELink To FT.com: \u003Ca href=\"https://www.ft.com/content/e5f23433-e435-4c81-88c3-4285b12f0d6a\"\u003Ehttps://www.ft.com/content/e5f23433-e435-4c81-88c3-4285b12f0d6a\u003C/a\u003E\u003C/strong\u003E\u003C/p\u003E\n\u003C/header\u003E\u003Ch3\u003EBusinesses wonder if Hanoi locked in better terms on tariffs by moving quickly — or gave up too much\u003C/h3\u003E\u003Cp\u003EFor Thanh Cong Garment, a Vietnamese supplier to apparel companies including Adidas, Calvin Klein and Columbia, a trade deal to avoid the worst of US President Donald Trump’s tariffs should have been a huge relief.\u003C/p\u003E\u003Cp\u003EVietnam was one of only two countries that Trump said has clinched a deal with the US by a July 9 deadline to avoid his so-called reciprocal tariffs. This week, many of its neighbours received letters from the White House threatening, in some cases, higher levies.\u003C/p\u003E\u003Cp\u003EBut the company was left puzzling over the lack of detail in the agreement. Trump announced a blanket 20 per cent tariff rate, down from an initial threat of 46 per cent, but neither Vietnam nor the US has provided further details or released a final version of a trade agreement. \u003C/p\u003E\u003Cp\u003EHanoi has also not confirmed the new tariff rate, saying only that the two sides had reached a “fair and balanced reciprocal trade agreement framework”, raising further uncertainty for companies.\u003C/p\u003E\u003Cp\u003EThe US side also included a clause threatening a 40 per cent rate on goods “transshipped” — or rerouted — through Vietnam, though it did not define transshipment. But the clause has stoked concerns among businesses that they will be penalised for using Chinese inputs, which are critical to supply chains in Vietnam.\u003C/p\u003E\u003Cp\u003ETran Nhu Tung, the company’s chair, noted that the 20 per cent base rate was not much higher than the 15-17 per cent import tax currently paid by Vietnamese garment makers. But the transshipment clause could prove to be a huge challenge.\u003C/p\u003E\u003Cp\u003E“For the products that [have] materials from China but manufactured in Vietnam, what is the tariff to export to the US? 20 per cent or 30 per cent or 35 per cent?” said Tung. “We need to wait.”\u003C/p\u003E\u003Cfigure class=\"n-content-picture\"\u003E\n\t\t\t\t\t\t\u003Cpicture data-asset-type=\"flourish\" data-flourish-id=\"24172475\" data-flourish-type=\"visualisation\"\u003E\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\u003Cimg src=\"https://public.flourish.studio/visualisation/24172475/thumbnail?cacheBuster=\" alt=\"\" data-original-image-width=\"1020\" data-original-image-height=\"582\"/\u003E\n\t\t\t\t\t\t\u003C/picture\u003E\n\t\t\t\t\t\u003C/figure\u003E\u003Cp\u003EVietnam, one of the biggest suppliers of apparel, shoes, electronics and other products to the US, became a manufacturing powerhouse in recent years, attracting the likes of Apple, Nike and Samsung as companies rushed to relocate production out of China to avoid blowback from geopolitical tensions.\u003C/p\u003E\u003Cp\u003EMany of those companies are clambering to figure out the new trade deal will work — and whether by moving quickly, Vietnam has scored favourable terms or hemmed itself in.\u003C/p\u003E\u003Cp\u003E“There is a sigh of relief that at least we know what the answer is for Vietnam . . . but there is still quite a lot of uncertainty in the agreement that exists right now,” said Rich McClellan, founder of the RMAC Advisory, whose clients include companies and the Vietnamese government.\u003C/p\u003E\u003Cp\u003EThe transshipment clause is “the most ambiguous and most potentially risky portion of this agreement”, he added. \u003C/p\u003E\u003Cp\u003EVietnam has a lot at stake. One of the world’s most trade dependent countries, with an exports-to-GDP ratio of nearly 90 per cent, a third of its exports go to the US alone, making a higher tariff rate a significant risk for economic growth. \u003C/p\u003E\u003Cp\u003EIts trade surplus with the US has surged in recent years to $123bn in 2024, the third-largest behind China and Mexico. \u003C/p\u003E\u003Cp\u003EThe country also drawn accusations of serving as a conduit for Chinese companies seeking to avoid Washington’s tariffs. A large amount of manufacturing investment in Vietnam has come from China, which accounted for almost one in three new projects last year. \u003C/p\u003E\u003Cfigure class=\"n-content-picture\"\u003E\n\t\t\t\t\t\t\u003Cpicture data-asset-type=\"flourish\" data-flourish-id=\"23702177\" data-flourish-type=\"visualisation\"\u003E\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\u003Cimg src=\"https://public.flourish.studio/visualisation/23702177/thumbnail?cacheBuster=\" alt=\"\" data-original-image-width=\"1020\" data-original-image-height=\"708\"/\u003E\n\t\t\t\t\t\t\u003C/picture\u003E\n\t\t\t\t\t\u003C/figure\u003E\u003Cp\u003EExperts say the Trump administration’s definition of transshipment could refer to a range of practices from simply repackaging Chinese goods with a counterfeit “made in Vietnam” label or to using Chinese raw materials in goods manufactured in Vietnam.\u003C/p\u003E\u003Cp\u003E“The impact may be more limited if these 40 per cent tariffs are enforced solely for the most egregious practices of plain diversion of trade to avoid US tariffs,” said MUFG analyst Michael Wan. \u003C/p\u003E\u003Cp\u003E“In contrast, if there is a stricter determination of transshipment defined as a certain threshold of foreign value added, the impact . . . may be pronounced.” \u003C/p\u003E\u003Cp\u003EGiven the Trump administration’s interest in isolating China, businesses fear a wider definition. This would be extremely damaging for Vietnam, where many businesses rely on Chinese raw materials and components, and warned that removing them would be impossible.\u003C/p\u003E\u003Cp\u003E“That is not realistic, that does not take into account how global supply chains work,” said one American businessman in Hanoi. “It’s not just impossible for Vietnam. It’s impossible for everybody.”\u003C/p\u003E\u003Cfigure class=\"n-content-picture\"\u003E\n\t\t\t\t\t\t\u003Cpicture data-asset-type=\"flourish\" data-flourish-id=\"24174257\" data-flourish-type=\"visualisation\"\u003E\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\u003Cimg src=\"https://public.flourish.studio/visualisation/24174257/thumbnail?cacheBuster=\" alt=\"\" data-original-image-width=\"1020\" data-original-image-height=\"587\"/\u003E\n\t\t\t\t\t\t\u003C/picture\u003E\n\t\t\t\t\t\u003C/figure\u003E\u003Cp\u003EAnother big unknown is how Vietnam’s tariff rate will compare with those of its neighbours — a difference that will be critical to Vietnam retaining its competitive advantage as a manufacturing hub. Trump has set a new deadline of August 1 for countries to come to an agreement with the US.\u003C/p\u003E\u003Cp\u003E“Whether the negotiated tariff is ultimately a win or loss for Vietnam will largely depend on whether other ‘China plus one’ markets secure similar deals,” said Marco Förster, Asean director at Dezan Shira & Associates.\u003C/p\u003E\u003Cp\u003EOfficial data for the first half of the year shows FDI increased nearly a third to $21.5bn, suggesting that investment had not been scared off by the tariff uncertainty. Vietnam also has an edge in certain incentives and cheaper costs for producers.\u003C/p\u003E\u003Cp\u003EBut Steve Greenspon, founder of US home goods retailer Honey-Can-Do, warned that even “a 20 per cent tariff will result in higher prices and inflation on goods”.\u003C/p\u003E\u003Cp\u003E“This will certainly lead to reduced demand for goods, hurting American businesses and jobs,” he said. “Companies will continue to produce their products in Vietnam, though at a lower pace than prior to the tariffs.”\u003C/p\u003E\u003Cp\u003EFor Tung, orders from US customers for the third quarter had already dropped between 15 and 20 per cent, after a rush to ship orders before the July 9 deadline. Up to 70 per cent of raw materials for garment manufacturing, from cotton yarn to zippers and elastic, are sourced from China, making it difficult for the industry to avoid being caught up in transshipment. \u003C/p\u003E\u003Cp\u003E“Most of the garment materials of Vietnamese garment firms are imported from China,” said Tung. “So it’s difficult to find another materials supplier apart from China.”\u003C/p\u003E\u003Cp\u003E\u003Cem\u003EData visualisation by Haohsiang Ko in Hong Kong\u003C/em\u003E\u003C/p\u003E\u003Cfooter\u003E\n \u003Cp\u003ECopyright The Financial Times Limited 2025\u003C/p\u003E\n \u003Cp\u003E© 2025 The Financial Times Ltd. All rights reserved. Please do not copy and paste FT articles and redistribute by email or post to the web.\u003C/p\u003E\n\u003C/footer\u003E\u003C/body\u003E", + "bodyHTML__PLAIN": "\u003Cp\u003EVietnam got an early trade deal with Donald Trump. Was it worth it?\u003C/p\u003E\u003Cp\u003EDate published: 13 July 2025\u003C/p\u003E\u003Cp\u003EA. Anantha Lakshmi in Hanoi\u003C/p\u003E\u003Cp\u003ESource: FT.com\u003C/p\u003E\u003Cp\u003EWord count: 1001\u003C/p\u003E\u003Cp\u003ELink To FT.com: https://www.ft.com/content/e5f23433-e435-4c81-88c3-4285b12f0d6a\u003C/p\u003E\u003Cp\u003EBusinesses wonder if Hanoi locked in better terms on tariffs by moving quickly — or gave up too muchFor Thanh Cong Garment, a Vietnamese supplier to apparel companies including Adidas, Calvin Klein and Columbia, a trade deal to avoid the worst of US President Donald Trump’s tariffs should have been a huge relief.\u003C/p\u003E\u003Cp\u003EVietnam was one of only two countries that Trump said has clinched a deal with the US by a July 9 deadline to avoid his so-called reciprocal tariffs. This week, many of its neighbours received letters from the White House threatening, in some cases, higher levies.\u003C/p\u003E\u003Cp\u003EBut the company was left puzzling over the lack of detail in the agreement. Trump announced a blanket 20 per cent tariff rate, down from an initial threat of 46 per cent, but neither Vietnam nor the US has provided further details or released a final version of a trade agreement. \u003C/p\u003E\u003Cp\u003EHanoi has also not confirmed the new tariff rate, saying only that the two sides had reached a “fair and balanced reciprocal trade agreement framework”, raising further uncertainty for companies.\u003C/p\u003E\u003Cp\u003EThe US side also included a clause threatening a 40 per cent rate on goods “transshipped” — or rerouted — through Vietnam, though it did not define transshipment. But the clause has stoked concerns among businesses that they will be penalised for using Chinese inputs, which are critical to supply chains in Vietnam.\u003C/p\u003E\u003Cp\u003ETran Nhu Tung, the company’s chair, noted that the 20 per cent base rate was not much higher than the 15-17 per cent import tax currently paid by Vietnamese garment makers. But the transshipment clause could prove to be a huge challenge.\u003C/p\u003E\u003Cp\u003E“For the products that [have] materials from China but manufactured in Vietnam, what is the tariff to export to the US? 20 per cent or 30 per cent or 35 per cent?” said Tung. “We need to wait.”\u003C/p\u003E\u003Cp\u003EVietnam, one of the biggest suppliers of apparel, shoes, electronics and other products to the US, became a manufacturing powerhouse in recent years, attracting the likes of Apple, Nike and Samsung as companies rushed to relocate production out of China to avoid blowback from geopolitical tensions.\u003C/p\u003E\u003Cp\u003EMany of those companies are clambering to figure out the new trade deal will work — and whether by moving quickly, Vietnam has scored favourable terms or hemmed itself in.\u003C/p\u003E\u003Cp\u003E“There is a sigh of relief that at least we know what the answer is for Vietnam . . . but there is still quite a lot of uncertainty in the agreement that exists right now,” said Rich McClellan, founder of the RMAC Advisory, whose clients include companies and the Vietnamese government.\u003C/p\u003E\u003Cp\u003EThe transshipment clause is “the most ambiguous and most potentially risky portion of this agreement”, he added. \u003C/p\u003E\u003Cp\u003EVietnam has a lot at stake. One of the world’s most trade dependent countries, with an exports-to-GDP ratio of nearly 90 per cent, a third of its exports go to the US alone, making a higher tariff rate a significant risk for economic growth. \u003C/p\u003E\u003Cp\u003EIts trade surplus with the US has surged in recent years to $123bn in 2024, the third-largest behind China and Mexico. \u003C/p\u003E\u003Cp\u003EThe country also drawn accusations of serving as a conduit for Chinese companies seeking to avoid Washington’s tariffs. A large amount of manufacturing investment in Vietnam has come from China, which accounted for almost one in three new projects last year. \u003C/p\u003E\u003Cp\u003EExperts say the Trump administration’s definition of transshipment could refer to a range of practices from simply repackaging Chinese goods with a counterfeit “made in Vietnam” label or to using Chinese raw materials in goods manufactured in Vietnam.\u003C/p\u003E\u003Cp\u003E“The impact may be more limited if these 40 per cent tariffs are enforced solely for the most egregious practices of plain diversion of trade to avoid US tariffs,” said MUFG analyst Michael Wan. \u003C/p\u003E\u003Cp\u003E“In contrast, if there is a stricter determination of transshipment defined as a certain threshold of foreign value added, the impact . . . may be pronounced.” \u003C/p\u003E\u003Cp\u003EGiven the Trump administration’s interest in isolating China, businesses fear a wider definition. This would be extremely damaging for Vietnam, where many businesses rely on Chinese raw materials and components, and warned that removing them would be impossible.\u003C/p\u003E\u003Cp\u003E“That is not realistic, that does not take into account how global supply chains work,” said one American businessman in Hanoi. “It’s not just impossible for Vietnam. It’s impossible for everybody.”\u003C/p\u003E\u003Cp\u003EAnother big unknown is how Vietnam’s tariff rate will compare with those of its neighbours — a difference that will be critical to Vietnam retaining its competitive advantage as a manufacturing hub. Trump has set a new deadline of August 1 for countries to come to an agreement with the US.\u003C/p\u003E\u003Cp\u003E“Whether the negotiated tariff is ultimately a win or loss for Vietnam will largely depend on whether other ‘China plus one’ markets secure similar deals,” said Marco Förster, Asean director at Dezan Shira & Associates.\u003C/p\u003E\u003Cp\u003EOfficial data for the first half of the year shows FDI increased nearly a third to $21.5bn, suggesting that investment had not been scared off by the tariff uncertainty. Vietnam also has an edge in certain incentives and cheaper costs for producers.\u003C/p\u003E\u003Cp\u003EBut Steve Greenspon, founder of US home goods retailer Honey-Can-Do, warned that even “a 20 per cent tariff will result in higher prices and inflation on goods”.\u003C/p\u003E\u003Cp\u003E“This will certainly lead to reduced demand for goods, hurting American businesses and jobs,” he said. “Companies will continue to produce their products in Vietnam, though at a lower pace than prior to the tariffs.”\u003C/p\u003E\u003Cp\u003EFor Tung, orders from US customers for the third quarter had already dropped between 15 and 20 per cent, after a rush to ship orders before the July 9 deadline. Up to 70 per cent of raw materials for garment manufacturing, from cotton yarn to zippers and elastic, are sourced from China, making it difficult for the industry to avoid being caught up in transshipment. \u003C/p\u003E\u003Cp\u003E“Most of the garment materials of Vietnamese garment firms are imported from China,” said Tung. “So it’s difficult to find another materials supplier apart from China.”\u003C/p\u003E\u003Cp\u003EData visualisation by Haohsiang Ko in Hong Kong\u003C/p\u003E\u003Cp\u003ECopyright The Financial Times Limited 2025\u003C/p\u003E\u003Cp\u003E© 2025 The Financial Times Ltd. All rights reserved. Please do not copy and paste FT articles and redistribute by email or post to the web.\u003C/p\u003E", + "fileName": "FT_Vietnam_got_", + "canDownload": 1, + "downloaded": true, + "embargoPeriod": null, + "lang": "en", + "publishedDateDisplay": "13th Jul 2025", + "saved": false, + "messageCode": "MSG_2100" + } \ No newline at end of file diff --git a/test/fixtures/content/e5f23433-e435-4c81-88c3-4285b12f0d6a_without_flourish_embeds.json b/test/fixtures/content/e5f23433-e435-4c81-88c3-4285b12f0d6a_without_flourish_embeds.json new file mode 100644 index 00000000..8fadb09a --- /dev/null +++ b/test/fixtures/content/e5f23433-e435-4c81-88c3-4285b12f0d6a_without_flourish_embeds.json @@ -0,0 +1,598 @@ +{ + "id": "e5f23433-e435-4c81-88c3-4285b12f0d6a", + "webUrl": "https://www.ft.com/content/e5f23433-e435-4c81-88c3-4285b12f0d6a", + "title": "Vietnam got an early trade deal with Donald Trump. Was it worth it?", + "alternativeTitles": { + "promotionalTitle": "Vietnam got a Trump trade deal early. Was it worth it?" + }, + "standfirst": "Businesses wonder if Hanoi locked in better terms on tariffs by moving quickly — or gave up too much", + "provenance": [ + "https://api.ft.com/internalcontent/e5f23433-e435-4c81-88c3-4285b12f0d6a" + ], + "byline": "A. Anantha Lakshmi in Hanoi", + "publishedDate": "2025-07-13T01:00:04.016Z", + "firstPublishedDate": "2025-07-13T01:00:04.016Z", + "lastModified": "2025-07-13T01:00:04.000Z", + "publishReference": "tid_cct_e5f23433-e435-4c81-88c3-4285b12f0d6a_1752368404223", + "bodyText": "For Thanh Cong Garment, a Vietnamese supplier to apparel companies including Adidas, Calvin Klein and Columbia, a trade deal to avoid the worst of US President Donald Trump’s tariffs should have been a huge relief.\n\nVietnam was one of only two countries that Trump said has clinched a deal with the US by a July 9 deadline to avoid his so-called reciprocal tariffs. This week, many of its neighbours received letters from the White House threatening, in some cases, higher levies.\n\nBut the company was left puzzling over the lack of detail in the agreement. Trump announced a blanket 20 per cent tariff rate, down from an initial threat of 46 per cent, but neither Vietnam nor the US has provided further details or released a final version of a trade agreement.\n\nHanoi has also not confirmed the new tariff rate, saying only that the two sides had reached a “fair and balanced reciprocal trade agreement framework”, raising further uncertainty for companies.\n\nThe US side also included a clause threatening a 40 per cent rate on goods “transshipped” — or rerouted — through Vietnam, though it did not define transshipment. But the clause has stoked concerns among businesses that they will be penalised for using Chinese inputs, which are critical to supply chains in Vietnam.\n\nTran Nhu Tung, the company’s chair, noted that the 20 per cent base rate was not much higher than the 15-17 per cent import tax currently paid by Vietnamese garment makers. But the transshipment clause could prove to be a huge challenge.\n\n“For the products that [have] materials from China but manufactured in Vietnam, what is the tariff to export to the US? 20 per cent or 30 per cent or 35 per cent?” said Tung. “We need to wait.”\n\nVietnam, one of the biggest suppliers of apparel, shoes, electronics and other products to the US, became a manufacturing powerhouse in recent years, attracting the likes of Apple, Nike and Samsung as companies rushed to relocate production out of China to avoid blowback from geopolitical tensions.\n\nMany of those companies are clambering to figure out the new trade deal will work — and whether by moving quickly, Vietnam has scored favourable terms or hemmed itself in.\n\n“There is a sigh of relief that at least we know what the answer is for Vietnam . . . but there is still quite a lot of uncertainty in the agreement that exists right now,” said Rich McClellan, founder of the RMAC Advisory, whose clients include companies and the Vietnamese government.\n\nThe transshipment clause is “the most ambiguous and most potentially risky portion of this agreement”, he added.\n\nVietnam has a lot at stake. One of the world’s most trade dependent countries, with an exports-to-GDP ratio of nearly 90 per cent, a third of its exports go to the US alone, making a higher tariff rate a significant risk for economic growth.\n\nIts trade surplus with the US has surged in recent years to $123bn in 2024, the third-largest behind China and Mexico.\n\nThe country also drawn accusations of serving as a conduit for Chinese companies seeking to avoid Washington’s tariffs. A large amount of manufacturing investment in Vietnam has come from China, which accounted for almost one in three new projects last year.\n\nExperts say the Trump administration’s definition of transshipment could refer to a range of practices from simply repackaging Chinese goods with a counterfeit “made in Vietnam” label or to using Chinese raw materials in goods manufactured in Vietnam.\n\n“The impact may be more limited if these 40 per cent tariffs are enforced solely for the most egregious practices of plain diversion of trade to avoid US tariffs,” said MUFG analyst Michael Wan.\n\n“In contrast, if there is a stricter determination of transshipment defined as a certain threshold of foreign value added, the impact . . . may be pronounced.”\n\nGiven the Trump administration’s interest in isolating China, businesses fear a wider definition. This would be extremely damaging for Vietnam, where many businesses rely on Chinese raw materials and components, and warned that removing them would be impossible.\n\n“That is not realistic, that does not take into account how global supply chains work,” said one American businessman in Hanoi. “It’s not just impossible for Vietnam. It’s impossible for everybody.”\n\nAnother big unknown is how Vietnam’s tariff rate will compare with those of its neighbours — a difference that will be critical to Vietnam retaining its competitive advantage as a manufacturing hub. Trump has set a new deadline of August 1 for countries to come to an agreement with the US.\n\n“Whether the negotiated tariff is ultimately a win or loss for Vietnam will largely depend on whether other ‘China plus one’ markets secure similar deals,” said Marco Förster, Asean director at Dezan Shira & Associates.\n\nOfficial data for the first half of the year shows FDI increased nearly a third to $21.5bn, suggesting that investment had not been scared off by the tariff uncertainty. Vietnam also has an edge in certain incentives and cheaper costs for producers.\n\nBut Steve Greenspon, founder of US home goods retailer Honey-Can-Do, warned that even “a 20 per cent tariff will result in higher prices and inflation on goods”.\n\n“This will certainly lead to reduced demand for goods, hurting American businesses and jobs,” he said. “Companies will continue to produce their products in Vietnam, though at a lower pace than prior to the tariffs.”\n\nFor Tung, orders from US customers for the third quarter had already dropped between 15 and 20 per cent, after a rush to ship orders before the July 9 deadline. Up to 70 per cent of raw materials for garment manufacturing, from cotton yarn to zippers and elastic, are sourced from China, making it difficult for the industry to avoid being caught up in transshipment.\n\n“Most of the garment materials of Vietnamese garment firms are imported from China,” said Tung. “So it’s difficult to find another materials supplier apart from China.”\n\nData visualisation by Haohsiang Ko in Hong Kong", + "curatedRelatedContent": [], + "containedIn": [], + "canBeDistributed": "yes", + "canBeSyndicated": "yes", + "comments": { + "enabled": true + }, + "standout": { + "editorsChoice": false, + "exclusive": false, + "scoop": false + }, + "realtime": false, + "editorialDesk": "/FT/WorldNews/Asia Pacific", + "originatingParty": "FT", + "_lastUpdatedDateTime": "2025-07-21T22:47:56.465Z", + "_lastUpdatedVersion": "af6bf864f34dfda56b2b8f7f34ff83e55fe34c97", + "type": "article", + "accessLevel": "subscribed", + "topper": { + "headline": "Vietnam got an early trade deal with Donald Trump. 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This week, many of its neighbours \u003Ca href=\"https://www.ft.com/content/613678ac-2e61-436b-9d0f-2a8f85a20dee\"\u003Ereceived letters\u003C/a\u003E from the White House threatening, in some cases, higher levies.\u003C/p\u003E\u003Cp\u003EBut the company was left puzzling over the lack of detail in the agreement. Trump announced a blanket 20 per cent tariff rate, down from an initial threat of 46 per cent, but neither Vietnam nor the US has provided further details or released a final version of a trade agreement. \u003C/p\u003E\u003Cp\u003EHanoi has also not confirmed the new tariff rate, saying only that the two sides had reached a “fair and balanced reciprocal trade agreement framework”, raising further uncertainty for companies.\u003C/p\u003E\u003Cp\u003EThe US side also included a clause threatening a 40 per cent rate on \u003Ca href=\"https://www.ft.com/content/d3941234-2eeb-476c-9a8c-249a35c8b7fa\"\u003Egoods “transshipped”\u003C/a\u003E — or rerouted — through Vietnam, though it did not define transshipment. But the clause has stoked concerns among businesses that they will be penalised for using Chinese inputs, which are critical to supply chains in Vietnam.\u003C/p\u003E\u003Cp\u003ETran Nhu Tung, the company’s chair, noted that the 20 per cent base rate was not much higher than the 15-17 per cent import tax currently paid by Vietnamese garment makers. But the transshipment clause could prove to be a huge challenge.\u003C/p\u003E\u003Cp\u003E“For the products that [have] materials from China but manufactured in Vietnam, what is the tariff to export to the US? 20 per cent or 30 per cent or 35 per cent?” said Tung. “We need to wait.”\u003C/p\u003E\n\t\t\t\t\t\u003Cfigure class=\"n-content-picture\"\u003E\n\t\t\t\t\t\t\u003Cpicture data-asset-type=\"flourish\" data-flourish-id=\"24172475\" data-flourish-type=\"visualisation\"\u003E\n\t\t\t\t\t\t\t\u003Csource media=\"screen and (max-width: 490px)\" srcset=\"https://public.flourish.studio/visualisation/24172475/thumbnail?cacheBuster=\" data-original-image-width=\"1020\" data-original-image-height=\"582\"\u003E\n\t\t\t\t\t\t\t\u003Cimg src=\"https://public.flourish.studio/visualisation/24172475/thumbnail?cacheBuster=\" alt=\"\" data-original-image-width=\"1020\" data-original-image-height=\"582\"\u003E\n\t\t\t\t\t\t\u003C/picture\u003E\n\t\t\t\t\t\u003C/figure\u003E\n\t\t\t\t\u003Cp\u003EVietnam, one of the biggest suppliers of apparel, shoes, electronics and other products to the US, became a manufacturing powerhouse in recent years, attracting the likes of Apple, Nike and Samsung as companies rushed to relocate production out of China to avoid blowback from geopolitical tensions.\u003C/p\u003E\u003Cp\u003EMany of those companies are clambering to figure out the new trade deal will work — and whether by moving quickly, Vietnam has scored favourable terms or hemmed itself in.\u003C/p\u003E\u003Cp\u003E“There is a sigh of relief that at least we know what the answer is for Vietnam . . . but there is still quite a lot of uncertainty in the agreement that exists right now,” said Rich McClellan, founder of the RMAC Advisory, whose clients include companies and the Vietnamese government.\u003C/p\u003E\u003Cp\u003EThe transshipment clause is “the most ambiguous and most potentially risky portion of this agreement”, he added. \u003C/p\u003E\u003Cp\u003E\u003Ca href=\"https://www.ft.com/stream/ba15fdc1-6edd-3dc1-83d7-04a04991e0c8\"\u003EVietnam\u003C/a\u003E has a lot at stake. One of the world’s most trade dependent countries, with an exports-to-GDP ratio of nearly 90 per cent, a third of its exports go to the US alone, making a higher tariff rate a significant risk for economic growth. \u003C/p\u003E\u003Cp\u003EIts trade surplus with the US has surged in recent years to $123bn in 2024, the third-largest behind China and Mexico. \u003C/p\u003E\u003Cp\u003EThe country also drawn accusations of serving as a conduit for Chinese companies seeking to avoid Washington’s tariffs. A large amount of manufacturing investment in Vietnam has \u003Ca href=\"https://www.ft.com/content/d214d732-4126-406b-a926-3850a6168333\"\u003Ecome from China\u003C/a\u003E, which accounted for almost one in three new projects last year. \u003C/p\u003E\n\t\t\t\t\t\u003Cfigure class=\"n-content-picture\"\u003E\n\t\t\t\t\t\t\u003Cpicture data-asset-type=\"flourish\" data-flourish-id=\"23702177\" data-flourish-type=\"visualisation\"\u003E\n\t\t\t\t\t\t\t\u003Csource media=\"screen and (max-width: 490px)\" srcset=\"https://public.flourish.studio/visualisation/23702177/thumbnail?cacheBuster=\" data-original-image-width=\"1020\" data-original-image-height=\"708\"\u003E\n\t\t\t\t\t\t\t\u003Cimg src=\"https://public.flourish.studio/visualisation/23702177/thumbnail?cacheBuster=\" alt=\"\" data-original-image-width=\"1020\" data-original-image-height=\"708\"\u003E\n\t\t\t\t\t\t\u003C/picture\u003E\n\t\t\t\t\t\u003C/figure\u003E\n\t\t\t\t\u003Cp\u003EExperts say the Trump administration’s definition of transshipment could refer to \u003Ca href=\"https://www.ft.com/content/41788509-f7ce-4d1a-ba90-29ce9b682dec\"\u003Ea range of practices\u003C/a\u003E from simply repackaging Chinese goods with a counterfeit “made in Vietnam” label or to using Chinese raw materials in goods manufactured in Vietnam.\u003C/p\u003E\u003Cp\u003E“The impact may be more limited if these 40 per cent tariffs are enforced solely for the most egregious practices of plain diversion of trade to avoid US tariffs,” said MUFG analyst Michael Wan. \u003C/p\u003E\u003Cp\u003E“In contrast, if there is a stricter determination of transshipment defined as a certain threshold of foreign value added, the impact . . . may be pronounced.” \u003C/p\u003E\u003Cp\u003EGiven the Trump administration’s \u003Ca href=\"https://www.ft.com/content/2bccd9db-bc8f-4563-a5da-7ca1fe7e9596\"\u003Einterest in isolating China\u003C/a\u003E, businesses fear a wider definition. This would be extremely damaging for Vietnam, where many businesses rely on Chinese raw materials and components, and warned that removing them would be impossible.\u003C/p\u003E\u003Cp\u003E“That is not realistic, that does not take into account how global supply chains work,” said one American businessman in Hanoi. “It’s not just impossible for Vietnam. It’s impossible for everybody.”\u003C/p\u003E\n\t\t\t\t\t\u003Cfigure class=\"n-content-picture\"\u003E\n\t\t\t\t\t\t\u003Cpicture data-asset-type=\"flourish\" data-flourish-id=\"24174257\" data-flourish-type=\"visualisation\"\u003E\n\t\t\t\t\t\t\t\u003Csource media=\"screen and (max-width: 490px)\" srcset=\"https://public.flourish.studio/visualisation/24174257/thumbnail?cacheBuster=\" data-original-image-width=\"1020\" data-original-image-height=\"587\"\u003E\n\t\t\t\t\t\t\t\u003Cimg src=\"https://public.flourish.studio/visualisation/24174257/thumbnail?cacheBuster=\" alt=\"\" data-original-image-width=\"1020\" data-original-image-height=\"587\"\u003E\n\t\t\t\t\t\t\u003C/picture\u003E\n\t\t\t\t\t\u003C/figure\u003E\n\t\t\t\t\u003Cp\u003EAnother big unknown is how Vietnam’s tariff rate will \u003Ca href=\"https://www.ft.com/content/bc6b1f7a-36a4-4b7b-b9c4-ed111fd7ddd9\"\u003Ecompare with those of its neighbours\u003C/a\u003E — a difference that will be critical to Vietnam retaining its competitive advantage as a manufacturing hub. Trump has set a new deadline of August 1 for countries to come to an agreement with the US.\u003C/p\u003E\u003Cp\u003E“Whether the negotiated tariff is ultimately a win or loss for Vietnam will largely depend on whether other ‘China plus one’ markets secure similar deals,” said Marco Förster, Asean director at Dezan Shira & Associates.\u003C/p\u003E\u003Cp\u003EOfficial data for the first half of the year shows FDI increased nearly a third to $21.5bn, suggesting that investment had not been scared off by the tariff uncertainty. Vietnam also has an edge in certain incentives and cheaper costs for producers.\u003C/p\u003E\u003Cp\u003EBut Steve Greenspon, founder of US home goods retailer Honey-Can-Do, warned that even “a 20 per cent tariff will result in higher prices and inflation on goods”.\u003C/p\u003E\n\t\t\t\u003Caside class=\"n-content-recommended\" role=\"complementary\"\u003E\n\t\t\t\t\u003Ch2 class=\"n-content-recommended__title\"\u003ERecommended\u003C/h2\u003E\n\t\t\t\t\n\t\t\t\t\u003Cul\u003E\u003Cli\u003E\u003Ca href=\"/content/81caf263-7e5a-43bb-9ee4-1de1a89bc394\"\u003EVietnam risks being the trade war’s biggest loser. Does it have a plan B?\u003C/a\u003E\u003C/li\u003E\u003C/ul\u003E\n\t\t\t\u003C/aside\u003E\n\t\t\u003Cp\u003E“This will certainly lead to reduced demand for goods, hurting American businesses and jobs,” he said. “Companies will continue to produce their products in Vietnam, though at a lower pace than prior to the tariffs.”\u003C/p\u003E\u003Cp\u003EFor Tung, orders from US customers for the third quarter had already dropped between 15 and 20 per cent, after a rush to ship orders before the July 9 deadline. Up to 70 per cent of raw materials for garment manufacturing, from cotton yarn to zippers and elastic, are sourced from China, making it difficult for the industry to avoid being caught up in transshipment. \u003C/p\u003E\u003Cp\u003E“Most of the garment materials of Vietnamese garment firms are imported from China,” said Tung. “So it’s difficult to find another materials supplier apart from China.”\u003C/p\u003E\u003Cp\u003E\u003Cem\u003EData visualisation by Haohsiang Ko in Hong Kong\u003C/em\u003E\u003C/p\u003E", + "openingHTML": "\u003Cp\u003EFor Thanh Cong Garment, a Vietnamese supplier to apparel companies including Adidas, Calvin Klein and Columbia, a trade deal to avoid the worst of US President Donald Trump’s tariffs should have been a huge relief.\u003C/p\u003E", + "displayConcept": { + "apiUrl": "http://api.ft.com/things/09f30dda-f3b0-4b6f-81d9-e8f01054d32a", + "directType": "http://www.ft.com/ontology/Topic", + "id": "09f30dda-f3b0-4b6f-81d9-e8f01054d32a", + "predicate": "http://www.ft.com/ontology/annotation/about", + "prefLabel": "Trump tariffs", + "type": "TOPIC", + "types": [ + "http://www.ft.com/ontology/core/Thing", + "http://www.ft.com/ontology/concept/Concept", + "http://www.ft.com/ontology/Topic" + ], + "preposition": "on", + "url": "https://www.ft.com/trump-tariffs", + "relativeUrl": "/trump-tariffs", + "isDisplayTag": true + }, + "teaser": { + "id": "e5f23433-e435-4c81-88c3-4285b12f0d6a", + "url": "https://www.ft.com/content/e5f23433-e435-4c81-88c3-4285b12f0d6a", + "relativeUrl": "/content/e5f23433-e435-4c81-88c3-4285b12f0d6a", + "type": "article", + "indicators": { + "isColumn": false, + "isOpinion": false, + "isScoop": false, + "isExclusive": false, + "isEditorsChoice": false, + "accessLevel": "subscribed", + "isFTEdit": false + }, + "metaPrefixText": "News in-depth", + "metaSuffixText": null, + "metaLink": { + "id": "09f30dda-f3b0-4b6f-81d9-e8f01054d32a", + "predicate": "http://www.ft.com/ontology/hasDisplayTag", + "prefLabel": "Trump tariffs", + "type": "TOPIC", + "url": "https://www.ft.com/trump-tariffs", + "relativeUrl": "/trump-tariffs", + "isDisplayTag": true + }, + "metaAltLink": null, + "title": "Vietnam got a Trump trade deal early. Was it worth it?", + "standfirst": "Businesses wonder if Hanoi locked in better terms on tariffs by moving quickly — or gave up too much", + "altStandfirst": null, + "publishedDate": "2025-07-13T01:00:04.016Z", + "firstPublishedDate": "2025-07-13T01:00:04.016Z", + "image": { + "url": "https://d1e00ek4ebabms.cloudfront.net/production/449f420d-f42f-4820-83ed-840bd509a6f7.jpg", + "width": 2267, + "height": 1275, + "altText": "Labourers work at a garment assembly line of a Thanh Cong factory in Ho Chi Minh City" + }, + "headshot": null, + "parentTheme": null + }, + "contentStats": { + "wordCount": 969, + "paragraphs": 27, + "relatedBoxes": 0, + "pullQuotes": 0, + "pullQuotesWithImages": 0, + "bigNumbers": 0, + "images": 0, + "responsiveImages": 3, + "graphics": 0, + "flourishCharts": 3, + "flourishStories": 0, + "audio": 0, + "videos": 0, + "internalVideos": 0, + "externalVideos": 0, + "subheadings": 0, + "curatedRecommended": 1, + "layouts": 0, + "layoutSlots": 0, + "infoBox": 0, + "tables": 0, + "timelines": 0, + "tweets": 0, + "singleArticleRecommendations": 1, + "sentiment": -14, + "scoreGraphicVolume": 0, + "scoreGraphicDensity": 0, + "scorePictureVolume": 0, + "scorePictureDensity": 0, + "scrollytelling": { + "blocks": 0, + "slides": 0, + "sansThemeBlocks": 0, + "serifThemeBlocks": 0, + "sansThemeSlides": 0, + "serifThemeSlides": 0 + }, + "readingTime": { + "displayText": "4 mins", + "minutes": 3.876, + "seconds": 232.56, + "equivalentWords": 969, + "v": "w250.g40.i5.b5" + } + }, + "extension": "docx", + "content_id": "e5f23433-e435-4c81-88c3-4285b12f0d6a", + "content_type": "article", + "wordCount": 1001, + "hasGraphics": false, + "canAllGraphicsBeSyndicated": false, + "canAtLeastOneGraphicBeSyndicated": false, + "bodyHTML__CLEAN": "\u003Cbody xmlns=\"http://www.w3.org/1999/xhtml\"\u003E\u003Cheader\u003E\n \u003Ch1\u003EVietnam got an early trade deal with Donald Trump. Was it worth it?\u003C/h1\u003E\n \u003Cp\u003E\u003Cstrong style=\"font-weight: bold\"\u003EDate published:\u003C/strong\u003E 13 July 2025\u003C/p\u003E\n \n \u003Cp\u003E\u003Cstrong style=\"font-weight: bold;\"\u003EA. Anantha Lakshmi in Hanoi\u003C/strong\u003E\u003C/p\u003E\n \u003Cp\u003E\u003Cstrong style=\"font-weight: bold\"\u003ESource: FT.com\u003C/strong\u003E\u003C/p\u003E\n \u003Cp\u003E\u003Cstrong style=\"font-weight: bold;\"\u003EWord count: 1001\u003C/strong\u003E\u003C/p\u003E\n \u003Cp\u003E\u003Cstrong style=\"font-weight: bold;\"\u003ELink To FT.com: \u003Ca href=\"https://www.ft.com/content/e5f23433-e435-4c81-88c3-4285b12f0d6a\"\u003Ehttps://www.ft.com/content/e5f23433-e435-4c81-88c3-4285b12f0d6a\u003C/a\u003E\u003C/strong\u003E\u003C/p\u003E\n\u003C/header\u003E\u003Ch3\u003EBusinesses wonder if Hanoi locked in better terms on tariffs by moving quickly — or gave up too much\u003C/h3\u003E\u003Cp\u003EFor Thanh Cong Garment, a Vietnamese supplier to apparel companies including Adidas, Calvin Klein and Columbia, a trade deal to avoid the worst of US President Donald Trump’s tariffs should have been a huge relief.\u003C/p\u003E\u003Cp\u003EVietnam was one of only two countries that Trump said has clinched a deal with the US by a July 9 deadline to avoid his so-called reciprocal tariffs. This week, many of its neighbours received letters from the White House threatening, in some cases, higher levies.\u003C/p\u003E\u003Cp\u003EBut the company was left puzzling over the lack of detail in the agreement. Trump announced a blanket 20 per cent tariff rate, down from an initial threat of 46 per cent, but neither Vietnam nor the US has provided further details or released a final version of a trade agreement. \u003C/p\u003E\u003Cp\u003EHanoi has also not confirmed the new tariff rate, saying only that the two sides had reached a “fair and balanced reciprocal trade agreement framework”, raising further uncertainty for companies.\u003C/p\u003E\u003Cp\u003EThe US side also included a clause threatening a 40 per cent rate on goods “transshipped” — or rerouted — through Vietnam, though it did not define transshipment. But the clause has stoked concerns among businesses that they will be penalised for using Chinese inputs, which are critical to supply chains in Vietnam.\u003C/p\u003E\u003Cp\u003ETran Nhu Tung, the company’s chair, noted that the 20 per cent base rate was not much higher than the 15-17 per cent import tax currently paid by Vietnamese garment makers. But the transshipment clause could prove to be a huge challenge.\u003C/p\u003E\u003Cp\u003E“For the products that [have] materials from China but manufactured in Vietnam, what is the tariff to export to the US? 20 per cent or 30 per cent or 35 per cent?” said Tung. “We need to wait.”\u003C/p\u003E\u003Cfigure class=\"n-content-picture\"\u003E\n\t\t\t\t\t\t\u003Cpicture data-asset-type=\"flourish\" data-flourish-id=\"24172475\" data-flourish-type=\"visualisation\"\u003E\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\u003Cimg src=\"https://public.flourish.studio/visualisation/24172475/thumbnail?cacheBuster=\" alt=\"\" data-original-image-width=\"1020\" data-original-image-height=\"582\"/\u003E\n\t\t\t\t\t\t\u003C/picture\u003E\n\t\t\t\t\t\u003C/figure\u003E\u003Cp\u003EVietnam, one of the biggest suppliers of apparel, shoes, electronics and other products to the US, became a manufacturing powerhouse in recent years, attracting the likes of Apple, Nike and Samsung as companies rushed to relocate production out of China to avoid blowback from geopolitical tensions.\u003C/p\u003E\u003Cp\u003EMany of those companies are clambering to figure out the new trade deal will work — and whether by moving quickly, Vietnam has scored favourable terms or hemmed itself in.\u003C/p\u003E\u003Cp\u003E“There is a sigh of relief that at least we know what the answer is for Vietnam . . . but there is still quite a lot of uncertainty in the agreement that exists right now,” said Rich McClellan, founder of the RMAC Advisory, whose clients include companies and the Vietnamese government.\u003C/p\u003E\u003Cp\u003EThe transshipment clause is “the most ambiguous and most potentially risky portion of this agreement”, he added. \u003C/p\u003E\u003Cp\u003EVietnam has a lot at stake. One of the world’s most trade dependent countries, with an exports-to-GDP ratio of nearly 90 per cent, a third of its exports go to the US alone, making a higher tariff rate a significant risk for economic growth. \u003C/p\u003E\u003Cp\u003EIts trade surplus with the US has surged in recent years to $123bn in 2024, the third-largest behind China and Mexico. \u003C/p\u003E\u003Cp\u003EThe country also drawn accusations of serving as a conduit for Chinese companies seeking to avoid Washington’s tariffs. A large amount of manufacturing investment in Vietnam has come from China, which accounted for almost one in three new projects last year. \u003C/p\u003E\u003Cfigure class=\"n-content-picture\"\u003E\n\t\t\t\t\t\t\u003Cpicture data-asset-type=\"flourish\" data-flourish-id=\"23702177\" data-flourish-type=\"visualisation\"\u003E\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\u003Cimg src=\"https://public.flourish.studio/visualisation/23702177/thumbnail?cacheBuster=\" alt=\"\" data-original-image-width=\"1020\" data-original-image-height=\"708\"/\u003E\n\t\t\t\t\t\t\u003C/picture\u003E\n\t\t\t\t\t\u003C/figure\u003E\u003Cp\u003EExperts say the Trump administration’s definition of transshipment could refer to a range of practices from simply repackaging Chinese goods with a counterfeit “made in Vietnam” label or to using Chinese raw materials in goods manufactured in Vietnam.\u003C/p\u003E\u003Cp\u003E“The impact may be more limited if these 40 per cent tariffs are enforced solely for the most egregious practices of plain diversion of trade to avoid US tariffs,” said MUFG analyst Michael Wan. \u003C/p\u003E\u003Cp\u003E“In contrast, if there is a stricter determination of transshipment defined as a certain threshold of foreign value added, the impact . . . may be pronounced.” \u003C/p\u003E\u003Cp\u003EGiven the Trump administration’s interest in isolating China, businesses fear a wider definition. This would be extremely damaging for Vietnam, where many businesses rely on Chinese raw materials and components, and warned that removing them would be impossible.\u003C/p\u003E\u003Cp\u003E“That is not realistic, that does not take into account how global supply chains work,” said one American businessman in Hanoi. “It’s not just impossible for Vietnam. It’s impossible for everybody.”\u003C/p\u003E\u003Cfigure class=\"n-content-picture\"\u003E\n\t\t\t\t\t\t\u003Cpicture data-asset-type=\"flourish\" data-flourish-id=\"24174257\" data-flourish-type=\"visualisation\"\u003E\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\u003Cimg src=\"https://public.flourish.studio/visualisation/24174257/thumbnail?cacheBuster=\" alt=\"\" data-original-image-width=\"1020\" data-original-image-height=\"587\"/\u003E\n\t\t\t\t\t\t\u003C/picture\u003E\n\t\t\t\t\t\u003C/figure\u003E\u003Cp\u003EAnother big unknown is how Vietnam’s tariff rate will compare with those of its neighbours — a difference that will be critical to Vietnam retaining its competitive advantage as a manufacturing hub. Trump has set a new deadline of August 1 for countries to come to an agreement with the US.\u003C/p\u003E\u003Cp\u003E“Whether the negotiated tariff is ultimately a win or loss for Vietnam will largely depend on whether other ‘China plus one’ markets secure similar deals,” said Marco Förster, Asean director at Dezan Shira & Associates.\u003C/p\u003E\u003Cp\u003EOfficial data for the first half of the year shows FDI increased nearly a third to $21.5bn, suggesting that investment had not been scared off by the tariff uncertainty. Vietnam also has an edge in certain incentives and cheaper costs for producers.\u003C/p\u003E\u003Cp\u003EBut Steve Greenspon, founder of US home goods retailer Honey-Can-Do, warned that even “a 20 per cent tariff will result in higher prices and inflation on goods”.\u003C/p\u003E\u003Cp\u003E“This will certainly lead to reduced demand for goods, hurting American businesses and jobs,” he said. “Companies will continue to produce their products in Vietnam, though at a lower pace than prior to the tariffs.”\u003C/p\u003E\u003Cp\u003EFor Tung, orders from US customers for the third quarter had already dropped between 15 and 20 per cent, after a rush to ship orders before the July 9 deadline. Up to 70 per cent of raw materials for garment manufacturing, from cotton yarn to zippers and elastic, are sourced from China, making it difficult for the industry to avoid being caught up in transshipment. \u003C/p\u003E\u003Cp\u003E“Most of the garment materials of Vietnamese garment firms are imported from China,” said Tung. “So it’s difficult to find another materials supplier apart from China.”\u003C/p\u003E\u003Cp\u003E\u003Cem\u003EData visualisation by Haohsiang Ko in Hong Kong\u003C/em\u003E\u003C/p\u003E\u003Cfooter\u003E\n \u003Cp\u003ECopyright The Financial Times Limited 2025\u003C/p\u003E\n \u003Cp\u003E© 2025 The Financial Times Ltd. All rights reserved. Please do not copy and paste FT articles and redistribute by email or post to the web.\u003C/p\u003E\n\u003C/footer\u003E\u003C/body\u003E", + "bodyHTML__PLAIN": "\u003Cp\u003EVietnam got an early trade deal with Donald Trump. Was it worth it?\u003C/p\u003E\u003Cp\u003EDate published: 13 July 2025\u003C/p\u003E\u003Cp\u003EA. Anantha Lakshmi in Hanoi\u003C/p\u003E\u003Cp\u003ESource: FT.com\u003C/p\u003E\u003Cp\u003EWord count: 1001\u003C/p\u003E\u003Cp\u003ELink To FT.com: https://www.ft.com/content/e5f23433-e435-4c81-88c3-4285b12f0d6a\u003C/p\u003E\u003Cp\u003EBusinesses wonder if Hanoi locked in better terms on tariffs by moving quickly — or gave up too muchFor Thanh Cong Garment, a Vietnamese supplier to apparel companies including Adidas, Calvin Klein and Columbia, a trade deal to avoid the worst of US President Donald Trump’s tariffs should have been a huge relief.\u003C/p\u003E\u003Cp\u003EVietnam was one of only two countries that Trump said has clinched a deal with the US by a July 9 deadline to avoid his so-called reciprocal tariffs. This week, many of its neighbours received letters from the White House threatening, in some cases, higher levies.\u003C/p\u003E\u003Cp\u003EBut the company was left puzzling over the lack of detail in the agreement. Trump announced a blanket 20 per cent tariff rate, down from an initial threat of 46 per cent, but neither Vietnam nor the US has provided further details or released a final version of a trade agreement. \u003C/p\u003E\u003Cp\u003EHanoi has also not confirmed the new tariff rate, saying only that the two sides had reached a “fair and balanced reciprocal trade agreement framework”, raising further uncertainty for companies.\u003C/p\u003E\u003Cp\u003EThe US side also included a clause threatening a 40 per cent rate on goods “transshipped” — or rerouted — through Vietnam, though it did not define transshipment. But the clause has stoked concerns among businesses that they will be penalised for using Chinese inputs, which are critical to supply chains in Vietnam.\u003C/p\u003E\u003Cp\u003ETran Nhu Tung, the company’s chair, noted that the 20 per cent base rate was not much higher than the 15-17 per cent import tax currently paid by Vietnamese garment makers. But the transshipment clause could prove to be a huge challenge.\u003C/p\u003E\u003Cp\u003E“For the products that [have] materials from China but manufactured in Vietnam, what is the tariff to export to the US? 20 per cent or 30 per cent or 35 per cent?” said Tung. “We need to wait.”\u003C/p\u003E\u003Cp\u003EVietnam, one of the biggest suppliers of apparel, shoes, electronics and other products to the US, became a manufacturing powerhouse in recent years, attracting the likes of Apple, Nike and Samsung as companies rushed to relocate production out of China to avoid blowback from geopolitical tensions.\u003C/p\u003E\u003Cp\u003EMany of those companies are clambering to figure out the new trade deal will work — and whether by moving quickly, Vietnam has scored favourable terms or hemmed itself in.\u003C/p\u003E\u003Cp\u003E“There is a sigh of relief that at least we know what the answer is for Vietnam . . . but there is still quite a lot of uncertainty in the agreement that exists right now,” said Rich McClellan, founder of the RMAC Advisory, whose clients include companies and the Vietnamese government.\u003C/p\u003E\u003Cp\u003EThe transshipment clause is “the most ambiguous and most potentially risky portion of this agreement”, he added. \u003C/p\u003E\u003Cp\u003EVietnam has a lot at stake. One of the world’s most trade dependent countries, with an exports-to-GDP ratio of nearly 90 per cent, a third of its exports go to the US alone, making a higher tariff rate a significant risk for economic growth. \u003C/p\u003E\u003Cp\u003EIts trade surplus with the US has surged in recent years to $123bn in 2024, the third-largest behind China and Mexico. \u003C/p\u003E\u003Cp\u003EThe country also drawn accusations of serving as a conduit for Chinese companies seeking to avoid Washington’s tariffs. A large amount of manufacturing investment in Vietnam has come from China, which accounted for almost one in three new projects last year. \u003C/p\u003E\u003Cp\u003EExperts say the Trump administration’s definition of transshipment could refer to a range of practices from simply repackaging Chinese goods with a counterfeit “made in Vietnam” label or to using Chinese raw materials in goods manufactured in Vietnam.\u003C/p\u003E\u003Cp\u003E“The impact may be more limited if these 40 per cent tariffs are enforced solely for the most egregious practices of plain diversion of trade to avoid US tariffs,” said MUFG analyst Michael Wan. \u003C/p\u003E\u003Cp\u003E“In contrast, if there is a stricter determination of transshipment defined as a certain threshold of foreign value added, the impact . . . may be pronounced.” \u003C/p\u003E\u003Cp\u003EGiven the Trump administration’s interest in isolating China, businesses fear a wider definition. This would be extremely damaging for Vietnam, where many businesses rely on Chinese raw materials and components, and warned that removing them would be impossible.\u003C/p\u003E\u003Cp\u003E“That is not realistic, that does not take into account how global supply chains work,” said one American businessman in Hanoi. “It’s not just impossible for Vietnam. It’s impossible for everybody.”\u003C/p\u003E\u003Cp\u003EAnother big unknown is how Vietnam’s tariff rate will compare with those of its neighbours — a difference that will be critical to Vietnam retaining its competitive advantage as a manufacturing hub. Trump has set a new deadline of August 1 for countries to come to an agreement with the US.\u003C/p\u003E\u003Cp\u003E“Whether the negotiated tariff is ultimately a win or loss for Vietnam will largely depend on whether other ‘China plus one’ markets secure similar deals,” said Marco Förster, Asean director at Dezan Shira & Associates.\u003C/p\u003E\u003Cp\u003EOfficial data for the first half of the year shows FDI increased nearly a third to $21.5bn, suggesting that investment had not been scared off by the tariff uncertainty. Vietnam also has an edge in certain incentives and cheaper costs for producers.\u003C/p\u003E\u003Cp\u003EBut Steve Greenspon, founder of US home goods retailer Honey-Can-Do, warned that even “a 20 per cent tariff will result in higher prices and inflation on goods”.\u003C/p\u003E\u003Cp\u003E“This will certainly lead to reduced demand for goods, hurting American businesses and jobs,” he said. “Companies will continue to produce their products in Vietnam, though at a lower pace than prior to the tariffs.”\u003C/p\u003E\u003Cp\u003EFor Tung, orders from US customers for the third quarter had already dropped between 15 and 20 per cent, after a rush to ship orders before the July 9 deadline. Up to 70 per cent of raw materials for garment manufacturing, from cotton yarn to zippers and elastic, are sourced from China, making it difficult for the industry to avoid being caught up in transshipment. \u003C/p\u003E\u003Cp\u003E“Most of the garment materials of Vietnamese garment firms are imported from China,” said Tung. “So it’s difficult to find another materials supplier apart from China.”\u003C/p\u003E\u003Cp\u003EData visualisation by Haohsiang Ko in Hong Kong\u003C/p\u003E\u003Cp\u003ECopyright The Financial Times Limited 2025\u003C/p\u003E\u003Cp\u003E© 2025 The Financial Times Ltd. All rights reserved. Please do not copy and paste FT articles and redistribute by email or post to the web.\u003C/p\u003E", + "fileName": "FT_Vietnam_got_", + "canDownload": 1, + "downloaded": true, + "embargoPeriod": null, + "lang": "en", + "publishedDateDisplay": "13th Jul 2025", + "saved": false, + "messageCode": "MSG_2100" + } \ No newline at end of file diff --git a/test/server/lib/builders/document-builder.spec.js b/test/server/lib/builders/document-builder.spec.js index 48bd6e53..fcb6a226 100644 --- a/test/server/lib/builders/document-builder.spec.js +++ b/test/server/lib/builders/document-builder.spec.js @@ -21,6 +21,7 @@ const MODULE_ID = describe(MODULE_ID, function () { const CONTENT_ID = '42ad255a-99f9-11e7-b83c-9588e51488a0'; + const CONTENT_WITH_FLOURISH_GRAPHICS_ID = 'e5f23433-e435-4c81-88c3-4285b12f0d6a'; let content; let documentBuilder; @@ -140,6 +141,42 @@ describe(MODULE_ID, function () { 'DocumentBuilder' ); }); + + it('contentDocument should contain flourish graphics', function () { + content = Object.assign({}, require(path.resolve( + `${FIXTURES_DIRECTORY}/content/${CONTENT_WITH_FLOURISH_GRAPHICS_ID}.json` + ))); // Clone Content + content.lang = 'en'; + content.extension = DEFAULT_FORMAT; + const contract = { + allowed: { + rich_articles: true, + }, + }; + enrich(content, contract); + documentBuilder = new DocumentBuilder(content); + + documentBuilder.removeNonSyndicatableImages(); + + const document = documentBuilder.getDocument(); + const hasAllSyndicatableImage = Array.from(document.getElementsByTagName('img')).every((el) => { + + const elementSrc = el.getAttribute('src'); + if(!elementSrc?.includes('public.flourish.studio/')) { + return false; + } + const match = elementSrc.match(/\/visualisation\/(\d+)\//); + const imageId = match ? match[1] : null; + const imageDetails = embedsMap[imageId]; + if(!imageDetails){ + return false; + } + return imageDetails.canBeSyndicated === 'yes' + }); + + expect(hasAllSyndicatableImage).and.to.equal(true); + }); + }); describe('decorateArticle', function () { diff --git a/test/server/lib/enrich/article.js b/test/server/lib/enrich/article.js index 5fb63bbd..bd33f4ef 100644 --- a/test/server/lib/enrich/article.js +++ b/test/server/lib/enrich/article.js @@ -81,4 +81,25 @@ describe(MODULE_ID, function () { }); }); }); + + describe('Handling flourish content', () => { + const NO_OF_FLOURISH_CONTENT_IN_DOC = 3; + const FLOURISH_CONTENT_ID = 'e5f23433-e435-4c81-88c3-4285b12f0d6a_without_flourish_embeds'; + const item = require(path.resolve(`${FIXTURES_DIRECTORY}/content/${FLOURISH_CONTENT_ID}.json`)); + item.lang = 'en'; + item.extension = DEFAULT_FORMAT; + + const contract = { + allowed: { + rich_articles: true + } + } + underTest(item, contract); + + expect(item.embeds.length).to.equal(NO_OF_FLOURISH_CONTENT_IN_DOC); + expect(item.hasGraphics).to.equal(true); + expect(item.contentStats.graphics).to.equal(NO_OF_FLOURISH_CONTENT_IN_DOC); + expect(item.canAllGraphicsBeSyndicated).to.equal(true); + expect(item.canAtLeastOneGraphicBeSyndicated).to.equal(true); + }); });