Investing.com -- U.S. President Donald Trump announced Wednesday that he has reached a trade agreement with Vietnam, becoming the third such deal following earlier agreements with the UK and China ahead of a July 9 deadline.
Trump initially shared the news on his Truth Social platform, writing: "I just made a Trade Deal with Vietnam. Details to follow!"
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Learn More Powered by Money.com - Yahoo may earn commission from the links above.Later, he elaborated on the terms of the agreement, stating that Vietnam will pay a 20% tariff on all goods sent to the United States and a 40% tariff on any transshipping. In exchange, Vietnam will grant the U.S. "total access" to its markets with zero tariffs on American products.
"It is my Great Honor to announce that I have just made a Trade Deal with the Socialist Republic of Vietnam after speaking with To Lam, the Highly Respected General Secretary of the Communist Party of Vietnam," Trump wrote. "It will be a Great Deal of Cooperation between our two Countries."
Trump suggested that American SUVs, which he also referred to as "Large Engine Vehicles," could be "a wonderful addition to the various product lines within Vietnam." He added that dealing personally with General Secretary To Lam "was an absolute pleasure."
The announcement initially boosted U.S. stocks, with shares of several retailers rising. Deckers Outdoor (NYSE:DECK) gained 2.4%, V.F. Corporation rose 4.4%, and On Holding increased 5.3%. However, these stocks erased their gains and declined after the specific terms of the deal were revealed.
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