Trump Announces Trade Deal With Vietnam

President Trump has announced that he has reached a trade deal with Vietnam, just one week ahead of a July 9 deadline for tariffs to snap back to higher levels for U.S. partners, Yahoo Finance reported.

Vietnamese goods would face a higher 40% tariff “on any transshipping." I Photo: Saigon Port

Trump said that Vietnamese goods imported into the U.S. would face a 20% tariff—lower than the 46% tariff he had previously imposed as part of his "Liberation Day" plan, but higher than the blanket 10% tariff currently in effect.

He also said Vietnamese goods would face a higher 40% tariff “on any transshipping”—when goods shipped from Vietnam actually originate from another country, such as China.

Trump added that U.S. goods exported to Vietnam would not face any tariffs.

The deal marks the second agreement the U.S. has reached with a trade partner since Trump paused the "Liberation Day" duties, following a similar pact with the U.K. The U.S. has also agreed with China on a framework to work toward a broader trade deal.