President Trump followed up his previous announcement of a trade deal with Vietnam with some additional details on social media.
“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 posted on Truth Social.
Trump wrote that the two sides agreed to a 20% tariff rate on all goods sent from Vietnam to the US and a 40% tariff rate on transshipment — essentially, when goods from China or other countries are routed through Vietnam. Tariffs on goods from the country were previously set to return to 46% on July 9.
Vietnam also lowered tariffs on US goods to zero, Trump said, and is lowering trade barriers. The president suggested US automakers could introduce more SUVs to the Southeast Asian country.
“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,” Trump wrote. “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.”