U.S. President Donald Trump said on Tuesday that a trade deal with Vietnam is nearly complete, though he did not provide a timeline or release further details.
Trump, speaking to reporters at Joint Base Andrews, said he could disclose the terms of the deal but did not think it was necessary. Earlier this month, he announced a preliminary agreement that would lower planned U.S. tariffs on imports from Vietnam to 20% from the 46% level proposed in April.
The deal also includes a 40% tariff on goods the U.S. determines were illegally transshipped through Vietnam from other countries. However, the agreement has not been finalized, and key questions remain about how the U.S. will define illegal transshipment or what level of local value-add Vietnam must meet to avoid penalties.
It is also unclear which specific products will face the new 20% tariff.
Vietnam has not confirmed the proposed tariff levels. Officials there have instead said both countries have agreed on a joint statement outlining a trade framework.
Trump said the deal is “pretty well set” but did not indicate when more details would be made public.
Vietnam’s exports to the U.S. have nearly tripled since the U.S.-China trade war began in 2018, as companies shifted production out of China. At the same time, Vietnam’s imports from China have also grown, with both inflows and outflows between the countries reaching about $140 billion in 2024, according to trade data.
