Trump announces a US trade deal with Vietnam
Vietnamese garment factory workers stitch apparel at a factory in Ho Chi Minh City.
By Alejandra Jaramillo and Elisabeth Buchwald, CNN
(CNN) — President Donald Trump said Wednesday he has made a trade deal with Vietnam.
“I just made a Trade Deal with Vietnam,” Trump wrote in a Truth Social post. In a subsequent post he said, “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.”
The 90-day pause on Trump’s “reciprocal tariffs” expires on July 9, and the administration has been working with more than a dozen key trading partners on frameworks of trade agreements ahead of the deadline.
The deal with Vietnam, would mark the third such agreement Trump has arranged with another country over the last three months. It was not immediately clear if the agreement had been finalized.
Tariff rates on Vietnamese goods shipped to the US were set to rise to a minimum of 46% if the rates Trump announced in April held. Tariffs on Vietnam were among the highest he announced.
Vietnam is a major trading partner with the US and was the sixth-top source of goods the US imported last year, shipping $137 billion worth of goods. That’s more than double the value of goods exported to the US five years prior, according to US Commerce Department data.
This is a developing story and will be updated.
The-CNN-Wire
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