Trump announces Vietnam trade deal with 20% tariffs on imports
Donald Trump revealed on Wednesday that he has reached a trade agreement with Vietnam, under which American products will be exempt from tariffs, while Vietnamese exports to the U.S. will face a minimum 20% surcharge.
Trump stated that all goods imported from Vietnam will be subject to a 20% tariff upon entering the United States. This tariff will double to 40% if the products are imported from Vietnam but manufactured elsewhere. In return, Vietnam will grant the U.S. full access to its market, something it has never done before.
Earlier, Trump had caused significant market unrest by announcing reciprocal tariffs against other countries, starting at 10% and potentially reaching 50% for those considered to have unfair trade surpluses with the U.S. This policy was temporarily softened with a 90-day suspension of the harshest tariffs to allow time for negotiations. Vietnam was at risk of facing a 46% tariff.
The U.S. remains Vietnam’s top export market, with $57 billion in exports during the first five months of 2025. Major Vietnamese exports to the U.S. include textiles and footwear. Initially, companies in clothing and sports equipment sectors saw their stock prices rise on Wall Street but later declined following Trump's latest announcement. Brands partially manufacturing in Vietnam, such as Gap, Ralph Lauren, and Lululemon, experienced stock drops during the trading session.
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