President Trump on Wednesday announced a trade deal with the Socialist Republic of Vietnam.
The deal includes 20% tariff on Vietnam’s imports to the United States – and the US gets “total access” to Vietnam’s markets at “zero tariffs.”
“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!” President Trump said on Truth Social on Wednesday.
President Trump last week announced he terminated all trade discussions with Canada after they imposed a Digital Services Tax on American tech companies.
Trump also said Canada will be slapped with a new tariff.
Ottawa immediately dropped its Digital Services Tax so the US resumed its trade talks with Canada.
Read the full article here