Trump announces US trade pact with Vietnam

News Snapshot:

The United States and Vietnam struck a trade agreement that sets 20% tariffs on many of the Southeast Asian country’s exports following last-minute negotiations, Donald Trump and Vietnamese state media said on Wednesday. The rate is lower than an initial 46% levy Trump announced in April on goods from Vietnam which was due to take effect next week. Trump said that goods from Vietnam would face a 20% tariff and that any trans-shipments from third countries would face a 40% levy. Details were scarce and it was not immediately clear how the trans-shipment provision would be implemented. Vietnam would also...