In a new trade agreement negotiated at the last minute, President Donald Trump announced on Wednesday that the United States would impose 20% tariffs on Vietnamese imports.
Trump’s April announcement of a global tariff plan included a considerably higher rate of 46% that was scheduled to take effect the following week. Prior to the anticipated hikes, dozens of other economies, including as the European Union and Japan, are still rushing to negotiate their own agreements with the US.
Trump stated on social media that Vietnam will not impose any tariffs on US goods as part of the agreement.
Generally speaking, tariffs raise the prices that consumers must pay, which may reduce demand.
