According to Donald Trump, the trade agreement between the United States and Vietnam is almost complete. At the same time, however, there is a threat of new tariffs for other countries.
US and Vietnam close to trade agreement, Trump threatens tariffs of up to 40%
The trade agreement between the United States and Vietnam is almost complete. This was announced by US President Donald Trump on Tuesday evening local time, according to Reuters. At the beginning of July, he said that imports from Vietnam would be subject to a 20 percent tariff and that transshipments, which the US considers illegal, would be subject to a 40 percent tariff.
Trump has now said that he could release details of the agreement with Vietnam, but does not consider it necessary. In the case of negotiations with Hanoi, the US criticizes the transshipment of Chinese products in Vietnam to avoid higher tariffs. Imports from Vietnam were originally to be subject to so-called reciprocal tariffs of 46 percent. Imports from the US to Vietnam, on the other hand, will not be subject to any tariffs, according to Trump’s earlier statement.
New tariffs may also affect other countries
Trump has now also said that he will soon announce tariffs for smaller countries, including African and Caribbean states. He noted that they will likely be subject to a uniform tariff of “slightly over ten percent.”
Trump has already concluded trade agreements with Britain and Indonesia this year. The US has also reached a truce in its trade war with China. However, Bloomberg points out that the trade agreements announced by Trump are not comprehensive and assumes that many details still need to be negotiated.
Trump also sent letters this month to a number of other trading partners facing tariffs of 20 to 50 percent, Reuters reported. Over the weekend, the US president announced that the United States would impose a 30 percent tariff on imports from the European Union starting August 1. On Monday, however, he signaled that he was prepared to negotiate with the EU before imposing the tariff.
Source: ÄŒTK
