Donald Trump Claims Vietnam Agrees To 20% Import Tariffs, Zero On US Products

(MENAFN- Live Mint) US President Donald Trump announced on Wednesday (July 2) that he has struck a new trade agreement with Vietnam, claiming the Socialist Republic will deliver“unprecedented” access for American companies to the Vietnamese market.

“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,” Trump wrote on Truth Social.

Tariffs and market access

According to Trump, under the terms of the deal, Vietnam has agreed to pay a 20% tariff on“any and all goods” it exports to the United States, and a 40% tariff on any goods that are transshipped through Vietnam.

“In return,” Trump claimed,“Vietnam will do something that they have never done before-give the United States of America TOTAL ACCESS to their Markets for Trade.”

Zero tariffs on US exports

He added,“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.”

Automobile industry highlighted

Trump singled out US auto manufacturers as likely beneficiaries of the agreement, particularly producers of large vehicles.

“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 said.

Praise for Vietnamese leader

Trump also emphasised his personal rapport with Vietnam's top official.“Dealing with General Secretary To Lam, which I did personally, was an absolute pleasure,” he wrote.

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