Trump strikes 20% import tariff trade deal with Vietnam
Make us a preferred source
Make us a preferred source on Google
The news: US President Donald Trump announced that he has reached a trade deal with Vietnam just days before the 90-day tariff pause on Trump’s reciprocal tariffs is set to expire.
The numbers: Announcing the deal via Truth Social, Trump said that Vietnam will pay 20% tariffs on exports with the US and a 40% tariff on any transshipping.
Trump said that in return, Vietnam agreed to drop any levies on US goods imported to the country. “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,” the President wrote.
The context: Under Trump’s so-called reciprocal tariffs, Vietnamese imports were subject to a 46% blanket duty. This was pared back to a 10% tariff to allow time for negotiations.
Vietnam was the sixth-largest supplier of US imports last year, shipping goods worth almost USD137 billion ($208.7 billion), Census Bureau data shows. The country is also a major supplier of textiles and sportswear for leading US companies including Nike and Lululemon.
In the post, Trump praised General Secretary To Lam, saying that it was an “absolute pleasure” to deal with the Communist Party chief directly.
Trump also quipped: “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.”
The sources: Truth Social, Bloomberg
