President Donald Trump announced a new trade deal with Vietnam as the tariff draws near.
Trump wrote on Truth Social:
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. 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. 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. 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. Dealing with General Secretary To Lam, which I did personally, was an absolute pleasure. Thank you for your attention to this matter!
30% of Vietnam’s exports go to America, which makes the country “vulnerable to Trump’s tariffs.”
Trump slapped Vietnam with a 46% tariff on “Liberation Day.”
The president later suspended the tariff for 90 days, which would have expired next week.
Trump has only reached a new trade deal with the United Kingdom. China and America agreed to a tariff truce.
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