US strikes trade deal with Vietnam

US President Donald Trump said on Wednesday that the US has struck a trade deal with Vietnam, less than a week before the temporary suspension of mutual tariffs that was suspended in April was due to expire.

"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 on Truth Social.

Vietnamese exports to the US will be subject to a 20% tariff, in addition to a 40% tariff on goods re-exported through Vietnam, as part of Washington's efforts to combat what it considers unfair trade practices, Trump added.

In return, Vietnam has committed to fully opening its markets to American products, including zero tariffs on goods coming from the US, a move Trump described as "unprecedented" in the history of trade relations between the two countries.