US President Donald Trump on Wednesday said he had struck a trade deal with Vietnam, sending shares soaring in major manufacturers that rely on the Southeast Asian nation as a production hub.
Hanoi will face a 20% duty on most goods and 40% on those shipped from other countries to Vietnam before heading to the US, while Washington will see no tariffs under the deal, Trump said. Nike and Lululemon stock jumped on the news: Under Trump’s “Liberation Day” tariff regime, Vietnam had faced 46% tariffs — among the highest in the world.
The agreement comes as negotiators scrambled to secure deals with Washington ahead of the July 9 deadline for Trump’s pause on those tariffs, with Indian officials also reportedly close to a deal.
AD