Trump Announces Trade Deal With 2nd Country

President Trump has announced a trade deal with Vietnam days before the pause on his "reciprocal" tariffs was due to end and a 46% tariff on imports from Vietnam was due to kick in. He said the tariff would be 20%, up from the current universal 10%. This is the second trade deal Trump has made ahead of the July 9 deadline, USA Today reports. A deal with the UK was announced in May.

• "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 said in a post on Truth Social. "It will be a Great Deal of Cooperation between our two Countries."

• Trump claimed that "Vietnam will pay the United States a 20% Tariff on any and all goods sent into our Territory," though CNBC notes that tariffs are paid by American importers, not by other countries.
• Trump also said there would be a "40% Tariff on any Transshipping." The provision addresses the administration's concerns about goods from China being shipped through Vietnam, and it could mean that Vietnamese products with many Chinese components could be tariffed at a higher rate, the New York Times reports.
• "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," Trump said. "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."
• Trump added: "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."
• Earlier this year, American producers of catfish, prunes, and kitchen cabinets told the government that their industries were struggling to deal with competition from Vietnam, the Times reports. "For more than two decades, the domestic catfish industry has been decimated by Vietnam's predatory economic practices, with severe negative consequences for US workers and communities," the Catfish Farmers of America said.