20% tariffs on imports, full US market access: Trump announces ‘great' trade deal with Vietnam
In a Truth Social post on Thursday, Trump said he had directly negotiated the deal with To Lam, the General Secretary of the Communist Party of Vietnam, and described it as a 'Great Deal of Cooperation' between the two nations.
The agreement was unveiled less than a week before a 90-day pause on many of Trump's reciprocal tariffs was set to expire. Under that scheme, Vietnamese imports to the US were subject to a 46 per cent tariff.
Under the terms outlined as per the post, Vietnam will pay a 20 per cent tariff on all goods exported to the US and a 40 per cent tariff on any transshipped goods. In return, Trump said Vietnam had agreed to give the US 'TOTAL ACCESS' to its domestic market, allowing American products to be sold in Vietnam at zero tariff.
'It is my Great Honor to announce that I have just made a Trade Deal with the Socialist Republic of Vietnam,' Trump wrote. 'Vietnam will do something that they have never done before, give the United States of America TOTAL ACCESS to their Markets for Trade.'
Trump also expressed confidence that large American vehicles, particularly SUVs, would thrive in Vietnam under the new agreement. '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,' he said.
Calling his engagement with To Lam 'an absolute pleasure,' Trump framed the deal as another personal diplomatic win, although Vietnamese officials have yet to publicly confirm the agreement or its details.
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