U.S. President Donald Trump announced a new trade deal with Vietnam just before the July 9 deadline. Under the deal, Vietnam will face a 20% tariff on exports to the U.S. and a 40% tariff on “transshipping” — meaning if another country tries to sell products to the U.S. through Vietnam, those goods will be hit with the higher tariff. Meanwhile, U.S. products will enter Vietnam with zero tariffs, giving American businesses full access to the Vietnamese market.
Earlier this year, Trump had imposed a 46% duty on Vietnamese goods but lowered it to 10% to allow negotiations. Vietnam is a key trading partner, exporting nearly $137 billion to the U.S. in 2024, mainly textiles and sportswear for brands like Nike, Gap, and Lululemon.
Credit : CGTN
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