Trump Announces Trade Deal with Vietnam
QUICK UPDATE: Today, President Trump announced a trade deal with Vietnam. Here’s what he wrote on Truth Social:
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. It will be a Great Deal of Cooperation between our two Countries. The Terms are that Vietnam will pay the United States a 20% Tariff on any and all goods sent into our Territory, and a 40% 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. 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. Thank you for your attention to this matter!
Key details:
- 20% tariff on imports from Vietnam
- 40% tariff on transshipment imports through Vietnam (imports that originated in a country other than Vietnam but then imported from Vietnam)
- No tariff on exports to Vietnam
Technically, I’m supposed to be vacationing from Universal Cargo and international shipping, so this is just a quick update with a larger blog to come next week. I’m apparently very bad at vacationing, but I don’t plan on posting again until Tuesday. But with Tuesday lining up with the 90-day reciprocal tariff pause deadline, it would not be at all surprising to see more deals announced between now and then. You know we’ll be getting into them right here in Universal Cargo’s blog next week!
