FX.co ★ Trump Imposes 20% Tariff in New Vietnam Trade Deal

President Donald Trump announced on Wednesday that the United States will implement a 20% tariff on Vietnamese imports as part of a newly finalized trade agreement reached during eleventh-hour negotiations. Initially, Vietnamese products were facing a 46% tariff starting from next week, in line with Trump’s “reciprocal” tariff policy introduced in April. In the meantime, other major economies such as the European Union and Japan are still striving to conclude their own trade agreements with the U.S. According to Trump, Vietnam will refrain from imposing any tariffs on U.S. goods in exchange. "Vietnam will do something unprecedented, granting the United States of America TOTAL ACCESS to their markets for trade," Trump announced on social media. His trade adviser, Peter Navarro, further commented that up to one-third of Vietnamese exports to the U.S. comprise Chinese goods that have been rerouted through Vietnam.