Trump announces US-Vietnam trade deal
President Donald Trump said on Wednesday that the United States will charge 20% prices on Vietnam imports under a new trade agreement concluded during the last-minute negotiations.
A much higher tax of 46% was to come into force next week as part of the global tariff plan that Trump announced in April. Dozens of other economies, including the European Union and Japan, still rush to conclude their own agreements with the United States before the expected increases.
Under the agreement, Vietnam will not charge any price on American products, said Trump in an article on social networks.
Prices generally increase the prices that buyers are billed, which can in turn bring the demand.
“Big Cooperation”, as Trump called it, will also impose a rarer 40% rate on goods that cross Vietnam in a process known as “transhipping”.
“Vietnam will do something that they have never done before, will give the United States of America total access to their markets for trade,” Trump posted on his Truth social platform.
“In other words, they” will open their market in the United States “, which means that we can sell our product in Vietnam in Zero Tarif,” he added.
The president said he believed that the SUVs made in the United States, “which succeeds so well in the United States, will be a wonderful add to the different ranges of products in Vietnam”.
Actions in clothing companies and sports equipment manufacturers – who have a large footprint in Vietnam – increased on the news that an agreement had been concluded, but then refused to strongly after the president has published the details, including the continuous prices.
Trump initially imposed steep levies on trade partners around the world in April, citing a lack of “reciprocity”, but then announced a break where they were all lowered to 10%.
Many countries then approached the United States to negotiate trade agreements, according to the White House.
Since April, Washington had so far announced only one pact with Great Britain and an agreement to temporarily reduce reprisals with China.
