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Bessent Advisor Says Tariffs Could Bring in $300 Billion
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US President Donald Trump says the United States has struck a trade deal with Vietnam, after months of negotiations, that imposes a 20 per cent tariff rate on many imports from the Asian country. The rate is lower than an initial 46 per cent levy Trump announced in April on goods from Vietnam, largely as a result of its big trade surplus with Washington. "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 said on Truth Social. 🚨 — Rapid Response 47 (@RapidResponse47) July 2, 2025 Trump said that goods from Vietnam would face a 20 per cent tariff and that any trans-shipments from third countries would face a 40 per cent levy. Vietnam would also provide the United States with more market access, with US exports to the country facing no tariffs, he said. "It is my opinion that 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," Trump said. The White House and the Vietnamese trade ministry did not immediately respond to a request for comment.
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Tesla's delivery numbers are as bad as Wall Street expected — and the stock is up
Tesla 's delivery numbers are in — and they're as bad as Wall Street expected. The electric automaker delivered 384,000 EVs in the second quarter, narrowly missing analysts' grim expectations. Wall Street had prepared for disaster, with analysts on average expecting 389,400 vehicles delivered in the quarter, according to data compiled by Bloomberg. The actual number represents a year-over-year decrease of 13.5% from the roughly 444,000 vehicles it delivered in the second quarter of 2024. This is the biggest quarterly decline in pure numbers in Tesla's history, representing a drop of 60,000 deliveries compared to Q2 2024. The latest report follows a bruising first quarter for Tesla. The automaker delivered nearly 336,700 EVs in the first quarter of 2025, marking a 13% decrease from the same period in 2024 and its lowest quarter since 2022. Tesla's stock was around 3% higher soon after the market opened Wednesday following the announcement. The challenging quarter came after Tesla experienced its first year-over-year delivery decline in 2024 as the company grappled with an industry-wide EV slowdown, increasing competition, and backlash from some against Elon Musk's political actions. In the company's first quarter earnings call, CFO Vaibhav Taneja attributed lower delivery numbers to assembly line changeover for the refreshed Model Y and anti-Tesla hostility that had an impact in some markets. The refreshed Model Y — Tesla's best-selling vehicle — has since launched, fueling an increase in new vehicle sales in April for the automaker as other manufacturers saw a monthly decrease, according to Cox Automotive data. However, it's not the more affordable model that the company previously said was on track to begin production by the end of June. Although Musk stepped down from his political stint at the White House, the full extent of any brand damage to Tesla is not clear. The company's stock got a boost after Musk stepped away from his work with DOGE, though the Tesla CEO later ignited a highly public feud with Trump. Tesla's stock has seen volatile swings in recent weeks as the two trade insults. Tesla is looking to buck its sales slump Tesla's delivery report arrives as the automaker has faced shrinking sales in multiple markets in recent months. Data from Shanghai-based consultancy ThinkerCar indicated that Tesla's EV sales in China decreased 18% year-over-year between January and May as its rival BYD surged. The company did get some good news in its second-largest market on Wednesday. According to data from China's Passenger Car Association, the number of cars shipped from Tesla's Shanghai factory rose slightly in June compared to last year, halting an eight-month run of year-over-year sales declines. Tesla's EU market share dropped year over year from 1.6% to 0.9% in May, according to data from the European Automobile Manufacturers' Association. The automaker saw a 45.2% drop in EV registrations in the first five months of the year in Europe. When previously asked about declining Tesla sales in Europe, Musk has said that Europe is not a key market for the EV maker and that demand remains strong in other regions. "Europe is our weakest market," Musk said at the Qatar Economic Forum in May. May data from Cox Automotive suggests that the US EV industry is also facing challenges. New EV sales are down 10.7% year over year despite a 4.2% uptick from the month prior, according to the data. Despite the industrywide headwinds, the report estimated that Tesla remained the market leader in May. Musk has said that Tesla's bet on solving full vehicle autonomy is key to the company's future growth. The company launched a limited rollout of its robotaxi service in Austin in June, with plans to expand the service in the coming months.
