WASHINGTON – President Trump announced Wednesday that US negotiators have reached a tentative trade deal with Vietnam – America’s seventh-largest trade partner and a major manufacturing hub.
“It is my Great Honor to announce that I have just made a Trade Deal with the Socialist Republic of Vietnam after speaking with To Lam, the Highly Respected General Secretary of the Communist Party of Vietnam,” Trump wrote on Truth Social.
“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 had announced a new 46% tariff rate on Vietnam in his April 2 “Liberation Day” unveiling of “reciprocal” tariffs, but temporarily reduced the levy to an elevated 10% baseline to allow time for talks.
The terms announced by Trump indicate that the Vietnamese exports will be charged a higher rate than they have been during the negotiating period.
Trump had announced a new 46% tariff rate on Vietnam in his April 2 “Liberation Day” announcement of looming “reciprocal” tariffs, but temporarily reduced the levy to an elevated 10% baseline to allow time for negotiations.
The deal announced by Trump indicates that the Vietnamese exports will be charged a higher rate than they have been during the negotiating period.
“In return, Vietnam will do something that they have never done before, give the United States of America TOTAL ACCESS to their Markets for Trade,” Trump wrote.
“In other words, they will ‘OPEN THEIR MARKET TO THE UNITED STATES,’ meaning that, we will be able to sell our product into 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.”
Trump has hoped to ink a series of economic agreements ahead of a July 9 deadline for the “reciprocal” tariff rates to hit.
US negotiators already have made deals in principle with China and the UK — though neither have been formalized — and Vice President JD Vance in April announced a “roadmap” for a deal with India during a visit to the subcontinent.
The pending UK-US trade agreement would keep in effect Trump’s new 10% baseline tariff on most British goods, but would exempt most UK-made cars, steel and aluminum from higher 25% rates.
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London allegedly agreed to open its market to US meat and ethanol, but those details remain unresolved.
The Chinese trade detente with Washington, meanwhile, walked back sky-high tit-for-tat tariff rates while a more comprehensive deal could be worked out.
Trump said that Beijing also had agreed to open its markets to US goods.
Trump indicated Sunday that he would not stall the implementation of his massive reciprocal tariffs, but that he may reduce some rates.
“It’s so simple,” Trump said. ”We’re sending letters out … saying, ‘Congratulations, we’re going to allow you to trade in the United States of America. You’re going to pay a 25% tariff or 20% or 40 or 50%.’”
Trump has hoped to ink a series of economic agreements ahead of a July 9 deadline for the “reciprocal” tariff rates to hit.
US negotiators already have made deals in principle with China and the UK — though neither have been formalized — and Trump frequently expresses optimism about a major pact with India.
