Tariff deadline looms — Vietnam locks in deal 🤝

TRADE NEWS

US–Vietnam Trade Deal Shakes Up Markets

With President Trump’s “reciprocal tariffs” pause set to expire next week, Vietnam has reached a last-minute deal to avoid a crushing 46% tariff on its exports to the US. Under the agreement, announced Wednesday, the US will instead impose a 20% tariff on Vietnamese goods—far lower than the originally planned hike. In return, Vietnam will eliminate all tariffs on US exports.

President Trump hailed the pact as a “Great Deal of Cooperation,” stating that Vietnam will now offer the US total access to its markets at zero tariffs—something he claims has “never been done before.”

The agreement also cracks down on “trans-shipping”—a tactic where goods from third countries (notably China) are routed through Vietnam to bypass tariffs. Goods identified as such will face a punitive 40% US tariff. White House advisor Peter Navarro has claimed that up to a third of Vietnam’s US-bound exports are actually Chinese-origin.

While markets initially reacted positively—Vietnam-based manufacturers like Nike and Apple saw share price bumps—investor sentiment cooled upon confirmation that a 20% levy still applies.

Adam Sitkoff of the American Chamber of Commerce in Hanoi called the deal a “good position” for Vietnam, though he warned that enforcement of “trans-shipping” rules remains murky and politically charged.

This is the third such deal since Trump’s April tariff announcement, following temporary arrangements with the UK and China. Meanwhile, dozens of other nations, including the EU and Japan, are still scrambling to strike their own pacts before the tariff pause ends. See clip 

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