Trump reaches Vietnam trade deal with 20% import tariff
Donald Trump said he had reached a trade deal with Vietnam, following weeks of intense diplomacy between the two nations and ahead of a deadline next week that would have seen higher tariffs imposed on the country's imports.
'I just made a Trade Deal with
Vietnam . Details to follow,' Trump said in a Truth Social post on Wednesday.
The deal with Vietnam would be just the third announced following agreements with the UK and China as trading partners race to cut agreements with the US ahead of a July 9 deadline.
Trump had imposed a 46 per cent duty on Vietnam as part of his initial roll-out of so-called reciprocal tariffs in early April, then pared it back to 10 per cent to allow time for negotiations.
The southeast Asian nation has seen its sales to US markets surge in recent years, partly because manufacturers shifted production there from China. It's a major supplier of textiles and sportswear, hosting factories for companies such as Nike, Gap and Lululemon. Vietnam was the sixth-biggest supplier of US imports last year, sending goods worth almost US$137 billion, according to Census Bureau data.
Employees work at a shoe factory for export in Hanoi, Vietnam. Photo: Reuters
The deal with Vietnam was struck after weeks of discussions during which the US pressured the country to get tougher on trade fraud, ensure stricter enforcement against the transshipment of Chinese products, and also pushed for the removal of non-tariff barriers.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
4 hours ago
- South China Morning Post
US House passes Trump policy bill, which will head to White House for president's signature
The US House of Representatives passed a massive tax-and-spending bill on Thursday that President Donald Trump has sought since returning to the White House, an initiative that fundamentally revamps government spending and jeopardises dozens of planned clean energy projects with ties to China. Passing in a 218 to 214 vote, the sprawling One Big Beautiful Bill Act – which would lock in Trump's priorities on border and defence financing, and make permanent tax cuts that Congress passed at Trump's behest during his first term in 2017 – is the most significant legislative win of his second term so far. The final vote in the House followed a session that ran through the night on bringing the legislation to the floor, ending months of wrangling on Capitol Hill. The bill faced resistance from all Democratic lawmakers as well as different factions of the Republican Party over its deep cuts to Medicaid, the healthcare programme which roughly 70 million low-income, elderly and disabled Americans depend on, and its hikes in federal spending. On the latter, the non-partisan Congressional Budget Office projected recently that the bill would add at least US$3 trillion to the federal deficit over the next decade. That prompted a handful of Republican representatives to hold out during the marathon procedural session before giving way; in the end, only Representative Brian Fitzpatrick of Pennsylvania voted no, joining every House Democrat, with the House voting 219-213 to bring the bill to the floor. Trump, who had been helping House Speaker Mike Johnson press the holdouts on Wednesday, intensified his pressure on them in a series of increasingly strident posts. 'RIDICULOUS!!!' he said in one sent shortly after midnight as the bill was in limbo. House Democratic Leader Hakeem Jeffries of New York (left) speaking in the House chamber early Thursday morning before the final vote for President Donald Trump's signature bill of tax breaks and spending cuts. Photo: AP Earlier in the week, Senate Republicans also wrestled over Medicaid, food stamps, green energy credits and rural hospital funding. The chamber passed the same bill on Tuesday 51-50, with Vice-President J.D. Vance casting the tiebreaking vote.
South China Morning Post
5 hours ago
- South China Morning Post
Putin and Trump speak, as US halts some arms shipments to Ukraine
US President Donald Trump and Russian President Vladimir Putin discussed Iran, Ukraine and other issues by phone on Thursday, the Kremlin said, in their sixth publicly disclosed chat since Trump returned to the White House. Advertisement While discussing the situation around Iran, Putin emphasised the need to resolve all issues by political and diplomatic means, said Yuri Ushakov, his foreign affairs adviser. The United States struck three sites in Iran on June 22, inserting itself into Israel's war aimed at destroying Tehran's nuclear programme. On the conflict in Ukraine, Ushakov said Trump emphasised his push for a quick halt to the fighting, and Putin voiced Moscow's readiness to pursue talks with Kyiv. At the same time, the Russian leader emphasised that Moscow will seek to achieve its goals in Ukraine and remove the 'root causes' of the conflict, Ushakov said. Advertisement Putin has argued he sent troops into Ukraine in February 2022 to fend off a threat to Russia posed by Ukraine's push to join Nato and protect Russian speakers in Ukraine – arguments rejected by Kyiv and its allies. He insisted that any prospective peace deal must see Ukraine abandon its Nato bid and recognise Russia's territorial gains.
RTHK
7 hours ago
- RTHK
US hiring beats expectations in June
US hiring beats expectations in June Job growth came in at 147,000 last month, rising from a 144,000 figure in May. File photo: Reuters The American economy added more jobs than expected in June while the unemployment rate edged down, official data showed on Thursday, offering signs of continued labour market strength despite worries over US President Donald Trump's tariffs. Job growth came in at 147,000 last month, rising from a 144,000 figure in May – which was also revised upwards – said the Department of Labor. The unemployment rate ticked down from 4.2 percent to 4.1 percent, and wage gains decelerated to 0.2 percent, the report added. The world's biggest economy has fared relatively well since the Covid-19 pandemic, with a resilient jobs market allowing consumers to keep spending. But Trump's sweeping tariffs on US trading partners, including steep rates on imports of steel, aluminium and autos, have dragged on consumer sentiment and fuelled business uncertainty. That uncertainty has been accentuated by the US leader's approach of unveiling, then adjusting or halting measures – causing firms to become cautious in investments. With a further wave of tariff hikes potentially incoming next week, analysts are monitoring for fragility in the job market and signs that companies might pull back in hiring and expansion. A consensus forecast by had expected overall job growth of 120,000. (AFP)
