The Office of the U.S. Trade Representative said that the U.S. and Vietnam have reached an agreement over illegally harvested and traded timber that will see Vietnam 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 USTR opened a section 301 investigation into Vietnam’s wood industry in October last year. The U.S. is the biggest market for Vietnamese wood products, representing an estimated $6.5 billion in 2020 — about half of the nation’s total agricultural shipments to the U.S. in 2020, according to the nation’s agriculture ministry. Vietnamese wood-furniture makers’ customers include Walmart and Ashley Furniture Industries.