President Donald Trump said Wednesday the United States has reached a trade agreement with Vietnam, just days before his self-imposed July 9 deadline for new tariff actions.
In a post on Truth Social, Trump said the U.S. would impose a 20 percent tariff on Vietnamese imports and a 40 percent levy on products routed through Vietnam from other countries. In return, Trump claimed Hanoi agreed to give the U.S. “total access” to its domestic markets, allowing American goods to enter tariff-free.
“This is a big win for the U.S.,” Trump wrote. “We now have ZERO tariffs going into Vietnam, while theirs go up.”
Vietnamese officials have yet to publicly confirm the deal, though state media reported that President Trump and Communist Party General Secretary Tô Lâm spoke by phone to finalize what was described as a “framework” agreement. Vietnam reportedly asked Washington to recognize it as a market economy and to lift export controls on sensitive technologies.
Commerce Secretary Howard Lutnick clarified that the 40 percent tariff targets transshipping — when other countries route goods through Vietnam to bypass trade restrictions.
The announcement comes as the White House races to lock in deals before Trump’s 90-day pause on tariff hikes expires next week. The administration has warned that without new agreements, rates could jump to as high as 50 percent.
U.S. imports from Vietnam have surged in recent years, hitting $137 billion in 2024, according to Commerce Department data. The trade deficit with Vietnam also widened to $123 billion, ranking as the third-largest gap behind China and Mexico.
Investors reacted positively. Shares of Nike and Columbia Sportswear, which rely heavily on Vietnamese suppliers, rose 4.2 percent and 1.3 percent, respectively. The S&P 500 climbed 0.38 percent by mid-afternoon, reaching another record, while the Nasdaq added 0.82 percent.
Despite the upbeat tone from Washington, key details of the agreement remain unclear. The White House has yet to publish the full terms, and questions linger over how the new tariffs will interact with those already in place.
Deputy Treasury Secretary Michael Faulkender said a formal press release is still being finalized.
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