'TOTAL ACCESS to markets': Trump just made a trade deal with Vietnam | Terms EXPLAINED
&imwidth=800&imheight=600&format=webp&quality=medium "'TOTAL ACCESS to markets': Trump just made a trade deal with Vietnam | Terms EXPLAINED")
US President Donald Trump Photograph: (Reuters)
As per the new deal, Vietnam will pay the United States a 20% tariff on any and all goods sent into America, and a 40% Tariff on any transshipping.
US President Donald Trump on Wednesday (July 2) announced that he has made a trade deal with Vietnam after holding negotiations with General Secretary To Lam. Trump further detailed the terms on which the deal has been made.
In a post on Truth Social, Trump announced to make a "great deal" with Vietnam.
"It is my Great Honor to announce that I have just made a Trade Deal with the Socialist Republic of Vietnam after speaking with To Lam, the Highly Respected General Secretary of the Communist Party of Vietnam. It will be a Great Deal of Cooperation between our two Countries," he wrote.
Terms explained
The US president detailed the terms on which he made the trade deal with Vietnam, stressing that it will be a great deal of cooperation between the two nations.
Now, as per the new deal, Vietnam will pay the United States a 20% tariff on any and all goods sent into America, and a 40% Tariff on any transshipping.
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While, in return, Trump announced that Vietnam will be doing something they have never done before.
"Vietnam will give the United States of America TOTAL ACCESS to their Markets for Trade. In other words, they will OPEN THEIR MARKET TO THE UNITED STATES, meaning that, we will be able to sell our product into Vietnam at ZERO Tariff," Trump stressed.
"It is my opinion that the SUV or, as it is sometimes referred to, Large Engine Vehicle, which does so well in the United States, will be a wonderful addition to the various product lines within Vietnam," he added.
The US president further said that dealing with General Secretary To Lam, which he did personally, was an absolute pleasure.
This comes just a week before the July 9 deadline as the 90-day window for tariff negotiations was about to expire. Apart from Vietnam, the UK and China have reportedly secured a deal with the US.