Reuters: Trump says US-Vietnam reach tariff deal, 20% tariff for zero-tariff access
Reuters reported on July 3 that US President Trump announced on Wednesday that the United States has reached a trade agreement with Vietnam. According to the agreement, the US will impose a 20% tariff on many Vietnamese export goods, far below the 46% threat it had made in April. At the same time, Vietnam will accept zero-tariff US products. Trump said on social media that he was "very honored" to announce this agreement. The Vietnamese government subsequently issued a statement confirming that both sides reached a joint statement on the trade framework, stating that Vietnam pledged "to provide preferential market access for US goods," including large-displacement cars, but did not directly confirm the specific tariff rates mentioned by Trump. This agreement was reached before the July 9 deadline set by Trump to increase tariffs on most imported goods, providing political support for his trade policy. Data shows that Vietnam has become the tenth largest trading partner of the United States and one of the largest suppliers of clothing and shoes to the US. Vietnam's exports to the US surged to about $13.7 billion in 2024, nearly tripling from less than $5 billion in 2018; while US exports to Vietnam were only slightly over $13 billion that year. The agreement includes provisions for higher tariffs (40%) on "transit" goods, but implementation details are unclear. Dan Martin, a consultant at the business advisory firm Dezan Shira & Associates, pointed out: "The term 'transit' is a vague and often politicized term in trade enforcement. Its definition and practical application will shape the future of US-Vietnam trade relations." Murray Hibbert, an expert at the think tank Center for Strategic and International Studies (CSIS), analyzed that if a 46% tariff were implemented, which is much higher than the current tariff on China, Vietnam would be concerned that it would be at a disadvantage compared to Southeast Asian competitors, which could weaken Vietnam's trust in the US and affect its security cooperation with Washington. After the announcement, the stock prices of major American clothing and sports brands such as Nike and Under Armour rose.
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