Trump Announces Trade Agreement with Vietnam
July 2, 202523 ViewsRead Time: 1 minutes
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US President Donald Trump and official Vietnamese media announced today, Wednesday, that the United States has reached a trade agreement with Vietnam that imposes a 20% tariff on many exports of the Southeast Asian country after negotiations between the two sides.
The new percentage is lower than the initial tariff of 46% announced by Trump in April on goods from Vietnam, largely due to Vietnam's large trade surplus with Washington. The tariffs were supposed to take effect next week.
Trump said on the "Truth Social" platform, "I am honored to announce that I have just concluded a trade agreement with the Socialist Republic of Vietnam after my talks with To Lam, the honorable Secretary General of the Vietnamese Communist Party."
He added that goods coming from Vietnam will be subject to a 20% tariff, and any transshipment from third countries will face a 40% tariff.
He explained that Vietnam will open its markets wider to American goods, where no tariffs will be imposed on US exports to Vietnam.
Trump said: "I believe that the SUV, or sometimes called the large-engine vehicle, which has been very successful in the United States, will be a great addition to the various production lines in Vietnam".
The new percentage is lower than the initial tariff of 46% announced by Trump in April on goods from Vietnam, largely due to Vietnam's large trade surplus with Washington. The tariffs were supposed to take effect next week.
Trump said on the "Truth Social" platform, "I am honored to announce that I have just concluded a trade agreement with the Socialist Republic of Vietnam after my talks with To Lam, the honorable Secretary General of the Vietnamese Communist Party."
He added that goods coming from Vietnam will be subject to a 20% tariff, and any transshipment from third countries will face a 40% tariff.
He explained that Vietnam will open its markets wider to American goods, where no tariffs will be imposed on US exports to Vietnam.
Trump said: "I believe that the SUV, or sometimes called the large-engine vehicle, which has been very successful in the United States, will be a great addition to the various production lines in Vietnam".
