Washington: US President Donald J. Trump announced that his administration has secured a trade agreement with the Socialist Republic of Vietnam after discussions with To Lam, the General Secretary of the Communist Party of Vietnam. "It will be a Great Deal of Cooperation between our two Countries," President Trump shared on his Truth Social platform.
According to Kuwait News Agency, the agreement stipulates that Vietnam will impose a 20 percent tariff on all goods sent to the United States and a 40 percent tariff on transshipping. In exchange, Vietnam will grant the United States total access to its markets for trade, allowing US products to enter Vietnam without tariffs. President Trump expressed optimism about the potential success of large engine vehicles in the Vietnamese market, noting the direct negotiations with General Secretary To Lam as a positive experience.
In a related development, European Commissioner for Trade and Economic Security Maros Sefcovic has arrived in Washington to engage in discussions with the US administration about a similar trade agreement. This follows an ultimatum issued by President Trump in May, proposing a 50 percent tariff on imports from European Union member countries if a deal is not reached by July 9.