Trump says Vietnam trade deal is 'pretty well set'
WASHINGTON (Reuters) -U.S. President Donald Trump said on Tuesday that a trade agreement with Vietnam was nearly complete.
Trump told reporters at Joint Base Andrews near Washington that he could release details of the Vietnam trade agreement, but did not think it was necessary.
The U.S. president announced earlier this month that he had struck a preliminary trade deal with the Communist country, which would cut planned U.S. tariffs on imports from Vietnam to 20% from the 46% level he had threatened in April.
At the time, Trump also said goods that Washington deemed to be illegally transshipped through Vietnam to other countries would be subject to a 40% levy.
The agreement has not been finalized and details have not been released, leaving questions over how Washington will define an illegal transshipment and how much value Vietnam must add to imported products to avoid the 40% tariff. It also remains unclear which products would fall under Trump's 20% tariff.
Vietnam has not confirmed the specific tariff rates, celebrating what it described as an agreement on a joint statement about a trade framework.
Asked if he planned to release details of the trade pact with Vietnam, Trump told reporters, "Well, I might. I don't think it matters how much you release of the deal. We have a Vietnam deal, and I would say that that deal is being pretty well set."
Vietnam has nearly tripled its exports to the United States since the start of the U.S.-China trade war in 2018, when the first Trump administration imposed wide-ranging tariffs on Beijing, pushing some manufacturers to move production south.
At the same time, Vietnam vastly expanded imports from China, with their inflow almost exactly matching the value and swings of exports to the United States, each totalling around $140 billion in 2024, data from the U.S. and Vietnam show.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New York Times
6 minutes ago
- New York Times
How the E.U. Wooed Trump With Flashy but Flimsy Numbers
When Donald Trump unveiled his trade deal with the European Union on Sunday night, he fixated on its size. And when the White House later released a fact sheet on the agreement, it trumpeted pledges by the Europeans for big investments in the United States. 'The E.U. will purchase $750 billion in U.S. energy and make new investments of $600 billion in the United States, all by 2028,' the document declared. But when the European Union released its own fact sheet on Tuesday, its description of that pledge was more muted — and far more noncommittal on spending outside of energy. 'E.U. companies have expressed interest in investing at least $600 billion' in 'various sectors in the U.S.,' the document explained. There's a reason for the equivocation: The European commitments are more like vague estimates than specific promises. The spending would come from private companies across the 27-nation bloc and would not be directed or enforced by European Union officials. The European Commission, the European Union's executive branch that is responsible for negotiating trade, can play a role in convening, organizing and encouraging big spending, but it cannot compel such outlays. Want all of The Times? Subscribe.
Associated Press
8 minutes ago
- Associated Press
Trump administration wants Harvard to pay far more than Columbia as part of settlement
WASHINGTON (AP) — The Trump administration is pressing for a deal with Harvard University that would require the Ivy League school to pay far more than the $200 million fine agreed to by Columbia University to resolve multiple federal investigations, according to two people familiar with the matter. Harvard would be expected to pay hundreds of millions of dollars as part of any settlement to end investigations into antisemitism at its campus, said the people, who spoke on the condition of anonymity to discuss internal deliberations. Harvard leaders have been negotiating with the White House even as they battle in court to regain access to billions in federal research funding terminated by the Trump administration. The White House's desire to get Harvard to pay far more than Columbia was first reported by The New York Times, which said the school has signaled a willingness to pay as much as $500 million. Harvard did not immediately comment. The Trump administration plans to use its deal with Columbia as a template for other universities, with financial penalties that are now seen as a staple for future agreements. Last week, Columbia leaders agreed to pay $200 million as part of a settlement to resolve investigations into alleged violations of federal antidiscrimination laws and restore more than $400 million in research grants. Columbia had been in talks for months after the Trump administration accused the university of allowing the harassment of Jewish students and employees amid a wave of campus protests over the Israel-Hamas war. Harvard faces similar accusations but, unlike Columbia, the Cambridge, Massachusetts, school challenged the administration's funding cuts and subsequent sanctions in court. Last week, President Donald Trump said Harvard 'wants to settle' but he said Columbia 'handled it better.' The Trump administration's emphasis on financial penalties adds a new dimension for colleges facing federal scrutiny. In the past, civil rights investigations by the Education Department almost always ended with voluntary agreements and rarely included fines. Even when the government has levied fines, they've been a small fraction of the scale Trump is seeking. Last year, the Education Department fined Liberty University $14 million after finding the Christian school failed to disclose crimes on its campus. It was the most the government had ever fined a university under the Clery Act, following a $4.5 million fine dealt to Michigan State University in 2019 for its handling of sexual assault complaints against disgraced sports doctor Larry Nassar. The University of Pennsylvania agreed this month to modify school records set by transgender swimmer Lia Thomas, but that school's deal with the Trump administration included no fine. The Trump administration has opened investigations at dozens of universities over allegations of antisemitism or racial discrimination in the form of diversity, equity and inclusion policies. Several face funding freezes akin to those at Harvard, including more than $1 billion at Cornell University and $790 million at Northwestern University. Last week, Education Secretary Linda McMahon called the Columbia deal a 'roadmap' for other colleges, saying it would 'ripple across the higher education sector and change the course of campus culture for years to come.' ___ The Associated Press' education coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP's standards for working with philanthropies, a list of supporters and funded coverage areas at
Bloomberg
8 minutes ago
- Bloomberg
Trump Floats Skipping G-20 Summit, Citing Rift With South Africa
President Donald Trump said he may skip the G-20 summit in South Africa later this year, saying he's open to sending someone else to the gathering of the leaders of the world's biggest economies. 'I think maybe I'll send somebody else, because I've had a lot of problems with South Africa,' Trump told reporters aboard Air Force One, faulting the country for what he said were some 'very bad policies.'
