U.S. President Donald Trump says a trade agreement with Vietnam is nearly finalized, though key details remain unclear. The pact aims to lower tariffs and address concerns over transshipment.
Speaking at Joint Base Andrews near Washington, Trump said the deal would reduce proposed tariffs on Vietnamese imports to 20%, down from the previously threatened 46%.
However, items identified as illegally transshipped through Vietnam may still face a steep 40% levy.
The agreement, first introduced earlier this month, remains unofficial, with key issues unresolved—such as what qualifies as illegal transshipment, how much value Vietnam must add to imports, and which products will be affected.
Vietnam has not confirmed specific tariff figures, only referring to a general trade framework.
When asked about releasing details of the Vietnam trade deal, Trump said, "I don't think it matters how much you release of the deal. We have a Vietnam deal, and I would say that that deal is being pretty well set."
The surge in trade talks comes amid Vietnam's rapidly growing economic ties with the U.S. Since 2018, when the Trump administration imposed sweeping tariffs on Chinese goods, Vietnam has nearly tripled its exports to the United States, as manufacturers sought alternative production hubs in Southeast Asia.
In parallel, the country also expanded its imports from China, with trade flows from both directions closely aligned.
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