President Trump adopted up his earlier announcement of a commerce take care of Vietnam with some further particulars on social media.
“It’s my Nice Honor to announce that I’ve simply made a Commerce Take care of the Socialist Republic of Vietnam after talking with To Lam, the Extremely Revered Common Secretary of the Communist Occasion of Vietnam,” Trump posted on Truth Social.
Trump wrote that the 2 sides agreed to a 20% tariff fee on all items despatched from Vietnam to the US and a 40% tariff fee on transshipment — primarily, when items from China or different international locations are routed by way of Vietnam. Tariffs on items from the nation had been beforehand set to return to 46% on July 9.
Vietnam additionally lowered tariffs on US items to zero, Trump stated, and is decreasing commerce boundaries. The president advised US automakers might introduce extra SUVs to the Southeast Asian nation.
“In return, Vietnam will do one thing that they’ve by no means executed earlier than, give the USA of America TOTAL ACCESS to their Markets for Commerce,” Trump wrote. “In different phrases, they may ‘OPEN THEIR MARKET TO THE UNITED STATES,’ that means that, we will promote our product into Vietnam at ZERO Tariff.”
