President Donald Trump announced on Truth Social Wednesday that the United States and Vietnam had struck a trade deal, opening the Vietnamese market to American producers while imposing hefty tariffs on Vietnamese goods.
“It is my Great Honor to announce that I have just made a Trade Deal with the Socialist Republic of Vietnam,” Trump wrote.
The deal comes just days before Trump’s 90-day pause on foreign tariffs expires. If Vietnam did not come to an agreement with the United States by July 9, tariffs on Vietnam would have jumped 46%.
American producers will now have access to the Vietnamese market completely free from tariffs, Trump said. At the same time, all Vietnamese imports will carry a 20% tariff, and all “transshipped” goods — products that are channeled through Vietnam by countries like China to circumvent trade restrictions — will face a 40% tariff.
Trump is hoping, in particular, that American automakers will have success in the Vietnamese market.
“It is my opinion that the SUV … which does so well in the United States, will be a wonderful addition to the various product lines within Vietnam,” Trump said.
In 2024, American exports to Vietnam totaled $13.1 billion, while imports totaled $136.6 billion, according to the Office of the United States Trade Representative.
This is the latest deal Trump has struck since imposing the 90-day stay on tariffs. Early last month, the president secured a reduction in tariffs with China after waging a war of reciprocal tariffs. Through that trade deal, China agreed to pay a 55% tariff, compared to the 10% imposed on American goods.
The Chinese trade deal also allows Chinese students to study at American colleges and universities. Additionally, China will supply rare earth minerals that can be used for high-end technology production in the United States.
Trump also clinched a notable deal with the United Kingdom just a few weeks ago. In a comprehensive agreement with British Prime Minister Keir Starmer, Trump secured billions in market access for American firms as well as a 10% tariff on the first 10,000 UK-produced automobiles imported into the United States, with all subsequent imported automobiles receiving a 25% tariff.
The president recently ended talks with Canada over a digital tax on American tech companies, which led Canadian Prime Minister Mark Carney to quickly abandon the tax in the hopes of repairing Canada’s relationship with the United States.
