Vietnam has agreed a new trade deal with the US. Under the agreement, importers of products, including apparel and footwear, from Vietnam, will pay a tariff of 20%. When US president, Donald Trump, announced an initial round of tariffs on April 2, he imposed a level of 46% on Vietnam.
On April 9, the president announced a pause of 90 days to allow individual countries to negotiate their own trade deals with the US. The 90-day period is now coming to an end. Vietnam agreed its new deal on July 2.
As part of the new deal, the US has said it will double tariff rates to 40% for products trans-shipped through Vietnam. This means products manufactured in China, for example, and moved from there to Vietnam for export to the US will face the 40% rate.
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