Pres. Trump: US Reaches Trade Deal With Vietnam

(MENAFN- Kuwait News Agency (KUNA)) WASHINGTON, July 2 (KUNA) -- US President Donald J. Trump announced Wednesday his administration 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," President Trump wrote on his Truth Social platform.
"The Terms are that Vietnam will pay the United States a 20 percent tariff on any and all goods sent into our Territory, and a 40 percent tariff on any Transshipping.
"In return, Vietnam will do something that they have never done before, 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,'" he explained.
"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.
"Dealing with General Secretary To Lam, which I did personally, was an absolute pleasure," he added.
In a related development, European Commissioner for Trade and Economic Security Maros sefcovic arrived in Washington yesterday for talks with the US administration on a similar trade deal before the July 9 ultimatum specified by President Trump in May for applying 50 percent tariffs on imports from the European Union member countries. (end)
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