According to Trump’s announcement on Truth Social, Vietnamese goods imported into the United States will be subject to a 20% tariff, while goods going through transshipment ports will be subject to a 40% tariff. This is to prevent Chinese goods from being transferred through Vietnam to avoid tariffs.
In return, Vietnam will fully open its market to US products at a 0% tariff, something Trump said 'they have never done before'.
The deal was announced less than a week before Trump's 90-day pause on retaliatory tariffs was set to expire on July 9.
Vietnam was one of the countries with the highest initial tariffs in Trump's retaliatory tariffs.
Vietnam's exports to the United States accounted for about 30% of its GDP last year, making it particularly vulnerable to Trump's tariffs.
In 2024, the United States had a $123.5 billion trade deficit with Vietnam, according to federal data. Trump sees the trade deficit as evidence of unfair trade relations.
Previously, President Trump and General Secretary To Lam had a very productive phone call in April, in which Vietnam expressed its desire to cut tariffs to 0% if an agreement could be reached with the United States.
The Trump administration initially set a goal of 90 deals in 90 days, but that appears to be a long way off. So far, the administration has only completed a full deal with the UK and reached a partial deal with China.
Trump stressed that the deal with Vietnam will open up opportunities for US SUVs and large vehicles to enter the Vietnamese market, products that are currently very successful in the US domestic market.
The deal is part of Mr Trump's trade strategy to address the trade deficit and prevent Chinese goods from being routed through Vietnam to avoid high tariffs.
Source: https://baonghean.vn/tong-thong-trump-cong-bo-thoa-thuan-thuong-mai-voi-viet-nam-bat-ngo-voi-muc-thue-quan-0-10301464.html
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