TaxTMI 
TaxTMI 
TaxTMI 
President Trump announces trade deal with Vietnam that will let US goods into country duty-free
X X X X Extracts X X X X
X X X X Extracts X X X X
....resident Trump announces trade deal with Vietnam that will let US goods into country duty-free<BR>PTI News<BR>Dated:- 2-7-2025<BR>PTI<BR>Washington, Jul 2 (AP) President Donald Trump announced a trade deal with Vietnam Wednesday that would allow US goods to enter the country duty-free. Vietnamese exports to the United States, by contrast, would face a 20% levy. On his Truth Social platform, Tr....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ump declared the pact "a Great Deal of Cooperation between our two Countries". In April, Trump announced a 46% tax on Vietnamese imports — one of his so-called reciprocal tariffs targeting dozens of countries with which the United States runs trade deficits. Trump promptly suspended the reciprocal tariffs for 90 days to allow for negotiations like the one with Vietnam. The pause expires Tues....
X X X X Extracts X X X X
X X X X Extracts X X X X
....day, but so far the Trump administration has reached a trade agreement with only one of those countries — the United Kingdom. (Trump has also reached a "framework" agreement with China in a separate trade dispute.) “Vietnam has been very keen to get out from under this," said Mary Lovely, senior fellow at the Peterson Institute for International Economics. "This is forcing a smaller country ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....to eat it, basically. We can do that. It's the big countries that everybody's keeping their eyes on." She doubts that Trump will be able to impose such a lopsided agreement on big trading partners such as the European Union and Japan. The United States last year ran a $122 billion trade deficit with Vietnam. That was the third-biggest US trade gap — the difference between the goods and servi....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ces it buys from other countries and those it sells them — behind the ones with China and Mexico. In addition to the 20% tariffs, Trump said the US would impose a 40% tax on "transshipping" — goods from another country that stop in Vietnam on their way to the United States. Washington complains that Chinese goods have been dodging higher US tariffs by transiting through Vietnam. In May, Vi....
X X X X Extracts X X X X
X X X X Extracts X X X X
....etnam approved a $1.5 billion project by the Trump Organisation and a local partner to build a massive golf resort complex near Hanoi, covering an area roughly the size of 336 football fields. Vietnam was a beneficiary of American efforts to counter China's influence. Companies looking to diversify their supply chains away from China flocked to Vietnam. In 2023, it became the only country to h....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ost both President Joe Biden and Chinese leader Xi Jinping on state visits. That year, the US upgraded Vietnam to its highest diplomatic status — comprehensive strategic partner — placing it on par with China and Russia. (AP) SCY SCY<BR> News - Press release - PIB....