WASHINGTON—The US and Vietnam have reached a trade deal, President Donald Trump confirmed today via a post on Truth Social today.
“I have just made a Trade Deal with the Socialist Republic of Vietnam after speaking with (General Secretary) To Lam… 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 went on to say that Vietnam would, for its part, remove all tariffs on US goods entering the country.
“In return, Vietnam will…give the United States of America TOTAL ACCESS to their Markets for Trade.”
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No further details of the deal have been fleshed out as of this writing. It is not clear, for example, whether the current deal would replace or stack on top of the 10% levy that the U.S. is currently putting on all foreign imports.
Had the tariff rates that Trump rolled out in April been implemented, Vietnamese goods entering the US would have faced a 46% levy, one of the highest rates that the administration had announced.
The clock is ticking for the administration to meet a self-imposed deadline of July 9th for it to negotiate trade deals with major US trading partners. The president and White House officials have been sending mixed and murky signals as to whether or not they will adhere to that deadline.
