President Donald Trump announced on Wednesday a new trade deal with Vietnam ahead of the July 9 expiration of the pause on his “reciprocal tariffs.”
“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.”
According to Trump’s post, Vietnam will pay the United States a 20% tariff on any goods imported, “and a 40% Tariff on any Transshipping.”
Trump claimed that Vietnam would give the U.S.”TOTAL ACCESS to their Markets for Trade,” allowing the U.S. to sell products at a zero tariff.
Earlier this year, Trump announced a 90-day pause on his “Liberation Day” tariffs. As the deadline for the pause approaches, the Trump administration has been furiously working on new trade agreements with the nation’s trade partners.
Before the “Liberation Day” tariffs, the U.S. was set to impose a 46% tariff on Vietnam.
According to the Office of the U.S. Trade Representative, U.S. goods trade with Vietnam totaled an estimated $149.6 billion in 2024.
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“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 also wrote. “Dealing with General Secretary To Lam, which I did personally, was an absolute pleasure. Thank you for your attention to this matter!”
The White House did not provide further details on the trade agreement.