The U.S. and Vietnam established terms for the framework of a trade deal, President Donald Trump said on Truth Social Wednesday.
Under the agreement, the U.S. will charge a 20% tariff on imports from Vietnam. Meanwhile, the U.S. will have “total access” to Vietnam markets, Trump said. The president also said the deal includes the implementation of a 40% tariff for transshipping, although he did not provide additional details.
“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,” Trump said on Truth Social.
The two countries came to terms a week before the Trump administration’s 90-day pause on country-specific reciprocal duties is set to expire on July 9. Those duties included a 46% rate for imports from Vietnam.
As the end of the pause inches closer, Vietnam joins the United Kingdom and China as one of three countries that have reached an accord with the U.S. over tariffs.
Vietnam accounted for nearly 3% of U.S. trade in 2024, per U.S. International Trade Comission data. Last year, the country exported about $137 billion worth of goods to the U.S while importing roughly $13 billion.
