U.S. and Vietnam Near Historic Trade Agreement
President Donald Trump announced that a trade agreement with Vietnam is nearly finalized. The agreement suggests significant tariff reductions on Vietnamese imports and outlines measures on transshipments through Vietnam. Details remain undisclosed, but Vietnam acknowledges a joint statement confirming a trade framework.
President Donald Trump revealed on Tuesday that a trade agreement with Vietnam is close to completion. Speaking at Joint Base Andrews, Trump hinted at revealing the details but opted against it, citing no necessity.
The preliminary deal, announced earlier, aims to lower U.S. tariffs on Vietnamese imports to 20%, down from a potential 46%. However, questions remain on Washington's criteria for illegal transshipments and tariff implications for goods inaccurately identified as such.
While Vietnam recognizes a mutual trade framework, specifics on tariff rates are unconfirmed. Vietnam's trade dynamics have shifted since 2018's U.S.-China trade tensions, with a tripling of exports to the U.S. and matching import levels from China.
(With inputs from agencies.)
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