Vietnam to Eliminate Duties on US Exports, Trump Says
Vietnam will eliminate tariffs on U.S. goods as part of a trade deal agreed to this week, President Donald Trump said July 2 on Truth Social.
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Vietnam “will do something that they have never done before, give the United States of America TOTAL ACCESS to their Markets for Trade,” Trump said. “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.” He said the U.S. auto industry could especially benefit. “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.”
Trump also said the U.S. will impose a 20% tariff on all goods from Vietnam and a 40% tariff on any goods that are transshipped. Vietnam faced a 46% rate under country-specific tariffs that the White House announced in April, before they were suspended.
Trump didn't say when the deal would take effect.