‘Total access’ for US, 0% tariff on exports: Trump strikes trade deal with Vietnam ahead of July 9 tariff deadline

US President DOnald Trump

President Donald Trump announced Wednesday that he had struck a trade deal with Vietnam under which the country would face a minimum 20 percent tariff and open its market to US products.

The deal comes a week ahead of Trump's self-imposed July 9 deadline for steeper tariffs on US trade partners to take effect if agreements had not been reached.

Trump initially announced that the trade deal had been reached, without providing details.

Detailing the trade pact in another Truth Social post, Trump said he struck a “Great Deal of Cooperation” with Vietnam, claiming unprecedented concessions from Hanoi following a conversation with To Lam, the General Secretary of the Communist Party of Vietnam.

“It is my Great Honor to announce that I have just made a Trade Deal with the Socialist Republic of Vietnam,” Trump wrote. According to him, the agreement will see Vietnam pay a 20% tariff on all goods exported to the US and a 40% tariff on any transshipped goods - items rerouted through Vietnam to avoid tariffs from other countries. In return, Trump claims Vietnam has offered the United States “TOTAL ACCESS” to its markets, allowing American products to enter at zero tariffs.

“This means we will be able to sell our product into Vietnam at ZERO Tariff,” he emphasized, hailing it as a win for U.S. industries. Trump specifically pointed to the SUV or ‘Large Engine Vehicle’ market, calling it a “wonderful addition” to Vietnam’s product landscape.

He also lauded his interaction with To Lam, calling the Vietnamese leader “Highly Respected” and saying that their personal negotiations were “an absolute pleasure.”

This follows months of negotiations: Vietnam reportedly sought a delay to the tariffs and already relaxed regulatory barriers to US imports, including agriculture and aviation products.

Without a deal, Vietnam's "reciprocal tariff" would have risen from the baseline 10 percent to 46 percent.

Since April, Washington had so far only announced a pact with Britain and a deal to temporarily lower retaliatory duties with China. Both involve the United States maintaining some of Trump's tariffs on the trading partners.