US President Donald Trump made a big announcement on Wednesday, saying that there has been a historic trade agreement between the US and Vietnam. Trump said that the agreement was reached after a conversation with the Communist Party General Secretary and President of Vietnam.
According to Trump, under this agreement, Vietnam will now pay 20% tariffs on all goods sent to the US and 40% tariff on transmission (sending goods from other countries). In return, the US will be given full access to the entire business market of Vietnam and no fee (zero tariff) will be incurred on American products.
This is a matter of respect for me- Trump
Trump described the agreement as the beginning of “great cooperation” between the two countries and said that Vietnam is giving America such a big discount for its market for the first time. He described it as “a great honor” for himself and further said that detailed information of this agreement will be made public soon.
Also read: Indo-US trade deal could not be agreed! Understand- where is the screw stuck?
In April, Trump announced a 46% tax on Vietnamese imports. It was part of his so -called reciprocal tariffs which have also been imposed on many other countries. Trump immediately postponed this reciperook tariff for 90 days to negotiate with countries like Vietnam. After this, the Trump administration has so far been able to make a trade agreement with only one country (UK). After Vietnam, now everyone’s eyes are fixed on other big countries including India.
