Trump announces major trade deal with Vietnam
In a Wednesday statement on Truth Social, Trump wrote, '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 claimed that the trade deal will be a 'Great Deal of Cooperation' between the United States and Vietnam. The president announced that the trade deal will involve Vietnam paying a 20% tariff on any goods sent to the United States and a 40% tariff on any transshipping.
'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 said. '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.'
'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 added.
READ MORE: Video: Trump announces major trade deal with China
The 47th president concluded his Wednesday statement on Truth Social by describing his negotiations with General Secretary of the Communist Party of Vietnam To Lam as an 'absolute pleasure.'
According to Fox Business, Trump previously imposed a 46% tariff against Vietnam earlier this year when he unveiled numerous reciprocal tariffs on 'Liberation Day.' While Fox Business reported that the Trump administration temporarily suspended the tariff against Vietnam for a period of 90 days, the tariff suspension period was initially scheduled to end next week.
In a statement obtained by Reuters, Vietnamese Prime Minister Pham Minh Chinh recently explained that he was hoping a trade deal would be made with the United States prior to the expiration of the tariff suspension.
'I hope that you will see that the result will come earlier than two weeks,' Chinh said. 'Vietnam and the U.S. share a deep understanding on tariffs… I hope that all the positive things will come for us.'
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