President Donald Trump announced a new trade agreement with Vietnam on Wednesday, finalizing terms just days before a July 9 deadline that would have imposed a steep 46% tariff on Vietnamese imports. The deal, described by Trump as a “Great Deal of Cooperation,” imposes a 20% tariff on all Vietnamese exports to the U.S. and a 40% tariff on goods transshipped through Vietnam, primarily targeting Chinese products rerouted to evade U.S. tariffs. In return, Vietnam will grant U.S. goods tariff-free access to its markets, a first for the Southeast Asian nation. Trump hailed the deal, stating on Truth Social, “Vietnam will do something they have never done before: give the United States of America TOTAL ACCESS to their markets for trade.” The deal marks Trump’s third trade agreement since pausing “Liberation Day” tariffs in April 2025, following pacts with the UK and China.
U.S. and Vietnam Strike Trade Deal with 20% Tariff on Vietnamese Exports, Zero Tariffs for U.S. Goods
