The U.S. has reached a trade agreement with Vietnam, which includes a 20% tariff on goods from Vietnam and a 40% tariff on transshipped goods. U.S. businesses will bear these tariffs. In exchange, Vietnam has offered the U.S. zero tariffs for market access. Trump indicated the agreement would increase exports, particularly of SUVs. The deal follows previous tariff proposals and reflects changing trade relations since the normalization of ties in the 1990s, although further details have not been confirmed by the White House.
In a social media post, Trump said tariffs will now be 20% on goods from Vietnam and 40% on goods shipped through Vietnam.
While Trump wrote that Vietnam will pay these tariffs, that is untrue. U.S. businesses importing goods from Vietnam will be paying the taxes to the government.
He said that in return, Vietnam would 'give the United States of America TOTAL ACCESS to their Markets for Trade,' meaning that 'we will be able to sell our product into Vietnam at ZERO Tariff.'
Trade relations between the U.S. and Vietnam have grown remarkably since the U.S. lifted its economic embargo on Vietnam in 1994.
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