Cailian Press, July 3rd (Editor: Xia Junxiong) – According to reports, U.S. President Donald Trump stated on July 2nd local time that the United States has reached a trade agreement with Vietnam.
Trump announced on his self-created social media platform Truth Social that goods exported from Vietnam to the United States will be subject to a 20% tariff.
At the beginning of April this year, Trump introduced so-called reciprocal tariffs, imposing tariffs on almost all trading partners based on their trade deficits with the U.S. The tariff rate was subsequently temporarily lowered to 10%, with a grace period set to expire on July 9th.
Vietnam had previously been subjected to a reciprocal tariff rate of up to 46%.
He also stated that goods exported from the U.S. to Vietnam would not be subject to any tariffs.
“In other words, they are ‘opening up their markets’ to the U.S.,” Trump wrote.
According to data from the U.S. Census Bureau, Vietnam has become the 10th largest trading partner for the U.S. It is also the seventh largest import source country, with total exports to the U.S. exceeding $130 billion.
Vietnam hosts several factories that OEM for major American apparel brands, including well-known brands such as Nike and Lucky Brand.
This marks the second agreement reached between the U.S. and its trading partners since early April, following an agreement with the UK.
As the July 9th deadline set by Trump approaches, the U.S. finds itself in a deadlock with increasing numbers of countries in negotiations.
On Tuesday, Trump stated he would not consider extending the tariff waiver period but instead would directly send letters to trading partners informing them of the tariff rates they would pay to the U.S.
Trump specifically criticized Japan, stating that Japan should be subject to “30%, 35%, or any rate we decide upon,” given the significant trade deficit between the two countries.
“I don’t know if we can reach an agreement,” Trump said. “I doubt it with Japan because they are very tough. You have to understand, they are spoiled.”
Meanwhile, the EU expressed willingness to accept a unified 10% tariff on most export goods, but is seeking exemptions in key areas such as medicines, alcohol, semiconductors, and commercial aircraft.
The impact of Trump’s tariff policies continues to reverberate globally.
