Vietnam to face 20% tariff under new US trade deal: Trump
Trump emphasised that in exchange for the new tariffs, Vietnam has agreed to open its markets to US exports at zero tariffs, giving American businesses what he called "TOTAL ACCESS" for the first time. He pointed to SUVs as an example of goods that will benefit from expanded access to Vietnam's consumer base.advertisementHowever, the Vietnamese government has not yet confirmed the terms of the agreement as described by Trump. Vietnam's state-run news outlet Vit Nam News reported that General Secretary T Lm and Trump held a phone call to discuss the framework of the deal. During the call, Lm reportedly requested the US recognise Vietnam as a market economy and lift restrictions on the export of high-tech goods.Deputy Treasury Secretary Michael Faulkender told CNBC that a formal press release outlining the agreement's details was still in the works and expected by the end of the trading day. He did not clarify whether the 20 per cent tariff replaces the current 10 per cent or is in addition to it.US-VIETNAM TRADE RELATIONS Since the US lifted its embargo in 1994 and normalised diplomatic ties a year later, Vietnam has rapidly emerged as a key trading partner. By 2024, the US had become Vietnam's largest export market, with bilateral trade reaching USD 149.6 billion.Driven by tariffs on Chinese goods during Trump's first term, US companies increasingly turned to Vietnam as a sourcing hub. Imports of electronics, apparel, and furniture from Vietnam surged as firms looked to diversify supply chains away from China.However, the growing trade imbalance has raised red flags in Washington. In 2024, the US posted a USD 123.5 billion trade deficit with Vietnam, the third-largest globally, a figure that surged by another USD 39.1 billion in just the first quarter of 2025.- EndsMust Watch
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