Trump announces trade deal with Vietnam
Summary
President Trump announced a trade deal with Vietnam that changes tariffs on goods exchanged between the two countries. The U.S. will impose higher taxes on goods from Vietnam, while Vietnam will allow American products to enter its market without extra tariffs.Key Facts
- The U.S. will set a 20% tariff on goods imported from Vietnam.
- Goods shipped through Vietnam will face a 40% tariff.
- U.S. businesses, not Vietnam, will pay these tariffs when importing goods.
- Vietnam agreed to allow American products into its market with no tariffs.
- President Trump mentioned SUVs as one of the products that will be exported more to Vietnam under this deal.
- The White House has not shared further details about the agreement.
- Previously, Trump proposed a 46% tariff on Vietnamese imports but paused it at 10% for ongoing negotiations.
- The U.S. and Vietnam improved trade relations significantly since lifting a U.S. embargo in 1994 and normalizing ties in 1995.
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