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President Donald Trump announced a new trade deal with Vietnam, lowering the expected tariff on Vietnamese exports to 20%, down from a proposed 46%. Trans-shipped goods from third countries, especially China, will face a higher 40% levy. In return, Vietnam will offer U.S. products, including large-engine cars, preferential access and zero percent tariffs.
Trump shared the news on Truth Social after a call with Vietnam’s president To Lam, calling it a "Great Honor" to reach the deal. The announcement comes just before a July 9 deadline, when the Trump administration plans to impose broad tariff hikes on imports. The agreement with Vietnam mirrors recent deals with the UK and China, seen as frameworks rather than full trade pacts.
Details remain vague, particularly on how the U.S. will enforce rules targeting Chinese goods rebranded as Vietnamese. Hanoi also urged the U.S. to recognize Vietnam as a market economy and lift restrictions on high-tech exports.
Vietnam has become one of the fastest-growing U.S. trading partners since Trump’s China tariffs began in 2018. Exports to the U.S. surged from under $50 billion in 2018 to $137 billion in 2024, while U.S. exports to Vietnam rose to just $13 billion in the same period.
The trade news boosted shares of U.S. companies like Nike, Under Armour, and VF Corp. Experts say Vietnam risked losing its edge in Southeast Asia had Trump enforced the full 46% tariff. The deal may strengthen U.S.-Vietnam ties, both economically and strategically, amid ongoing U.S.-China tensions.
While still lacking specifics, the move signals Washington’s intent to stabilize trade with key Asian allies while continuing its tough stance on China.
