Zero tariffs for US: Donald Trump announces trade deal with Vietnam; latter subjected to 20% duty
'I just made a Trade Deal with Vietnam. Details to follow!' he said.
Trump made the announcement through his social media platform Truth Social, declaring what he described as a major new trade agreement with the Socialist Republic of Vietnam.
The deal, according to Trump, was finalised following direct talks with Vietnam's general secretary of the Communist Party, To Lam.
'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.
Outlining the terms, Trump said Vietnam has agreed to pay a 20% tariff on all goods exported to the United States and a 40% tariff on any transshipped goods.
The US president also claimed that Vietnam will offer the United States "TOTAL ACCESS" to its domestic markets, allowing its products to be sold there without any import tariffs.
'Vietnam will do something that they have never done before, give the United States of America TOTAL ACCESS to their Markets for Trade.
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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,' Trump said.
He further highlighted the potential of American made SUVs in the Vietnamese market, saying that the SUV or the 'Large Engine Vehicle' that are doing well in the US, would be 'wonderful addition to the various product lines.'
He ended the post with a note of appreciation, thanking To Lam.
'Dealing with General Secretary To Lam, which I did personally, was an absolute pleasure. Thank you for your attention to this matter!'
The deal comes just a week ahead of the July 9 deadline, when the 90-day window for tariff negotiations was set to expire. With this agreement, Vietnam joins the UK and China as the countries to have reportedly secured a trade deal with the United States so far.
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