The United States and Vietnam have reached a trade agreement that imposes 20% tariffs on numerous exports from Vietnam. This is a reduction from an announced 46% tariff planned for next week. The agreement allows US exports to Vietnam to face no tariffs, particularly benefiting large-engine vehicles. Additionally, any trans-shipments from third countries will incur a 40% levy. The Vietnamese government has sought recognition as a market economy and the removal of hi-tech export restrictions from the US, although this has been previously rejected.
The United States and Vietnam agreed on a trade deal establishing 20% tariffs on many Vietnamese exports. This rate is lower than the 46% initially proposed by Trump.
Vietnam will provide the United States with increased market access, allowing US exports to the country to face no tariffs. This includes US exporters of large-engine cars.
Trump announced on Truth Social that he made a trade deal with Vietnam, emphasizing the potential success of large engine vehicles in the Vietnamese market.
Following the trade deal, tariffs on trans-shipments from third countries will be set at 40%. Full details of this provision remain unclear.
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