US President Donald Trump announced a trade deal with Vietnam on Wednesday following weeks of intense diplomacy between the two nations. The south Asian country had been placed under a whopping 46% reciprocal tariff earlier this year as the POTUS announced sweeping levies against almost all imports from 185 countries. The agreement with Vietnam is just the third to be announced — following agreements with the UK and China — as trading partners race to cut deals with the US ahead of a July 9 deadline.
“It will be a great deal of cooperation between our two countries. The terms are that Vietnam will pay the United States a 20% tariff on any and all goods sent into our territory, and a 40% tariff on any transshipping,” Trump wrote on Truth Social.
The social media update came soon after Trump held a telephonic exchange with Vietnamese officials about the status of trade talks. The POTUS also revealed that Hanoi would do something “it has never done before” as part of the agreement — giving the US “total access” to their markets for trade.
“They will ‘open their market to the United States’…meaning we will be able to sell our product in Vietnam at zero tariff. It is my opinion that the SUV, or, as it is sometimes referred to, large engine vehicle, which does so well in the united states, will be a wonderful addition to the various product lines within Vietnam. Dealing with general secretary to lam, which I did personally, was an absolute pleasure. Thank you for your attention to this matter!” he added.