Vietnam just posted its third consecutive month of shrinking trade surplus in November. The squeeze comes as Hanoi pushes to nail down a tariff arrangement with Washington—a move that could reshape trade flows across Southeast Asia. For anyone tracking global liquidity and capital movement, these trade dynamics matter. Tighter trade balances often signal shifts in export demand or currency pressure, which can ripple into risk asset sentiment. Worth keeping an eye on how this tariff negotiation plays out, especially with the US administration's current stance on trade deals.