Trump announces trade deal with Vietnam

"I just made a trade deal with Vietnam. Details to follow!" his post says.

Later, Trump made another post about the US-Vietnam deal. Specifically, he said that Vietnam will pay the US a 20% tariff on all goods imported into the States, while American products will be exported to Vietnam with zero tariffs.

"The terms are that Vietnam will pay the United States a 20% tariff on any and all goods sent into our territory, and a 40% tariff on any transshipping. In return, Vietnam will do something that they have never done before, give the United States of America total access to their markets for trade... We will be able to sell our product into Vietnam at zero tariff," he explained.

US-Vietnam relations

On April 2, Trump imposed tariffs of 46% on Vietnam.

It later emerged that Trump spoke with the General Secretary of the Communist Party and President of Vietnam, Vo Van Thuong. Their discussion included the imposed tariffs. At that time, Trump said Hanoi wants to reduce its trade tariffs to zero in exchange for an economic deal with the US.

According to data from Vietnam’s General Department of Customs, in 2024, trade volume between Vietnam and the US exceeded $132 billion. Vietnam ranked eighth among the largest US trading partners in the ASEAN region. At the same time, the US remains Vietnam’s second-largest trading partner and the biggest importer of Vietnamese goods. Vietnam’s main exports to the US include footwear, furniture, and automobiles.

Widespread US tariffs

In early April, Trump announced the introduction of reciprocal import tariffs, which could significantly impact global markets and prices. Most countries worldwide were included in the tariff list. China was hit hardest, with a tariff of 34% imposed. Russia and Belarus are not on the list, but Ukraine is.