President Donald Trump said the United States has reached a trade agreement with the Socialist Republic of Vietnam that will levy a 20% tariff on Vietnamese goods entering the U.S. and a 40% duty on items transshipped through Vietnam. In return, Hanoi will grant “TOTAL ACCESS” to its market, allowing American products to enter duty-free, according to the president’s Truth Social post following a call with Vietnamese Communist Party chief To Lam. The accord softens a threatened 46% U.S. tariff that would have taken effect on 9 July under Trump’s “reciprocal tariff” programme and marks the administration’s third pact struck in the final week before the deadline. Vietnam is the United States’ tenth-largest trading partner, with bilateral goods trade valued at roughly $149.6 billion last year, USTR data show. Vietnam’s government welcomed the deal but did not immediately confirm the exact tariff levels, saying only that it would offer preferential access to U.S. products, including large-engine vehicles. The arrangement also aims to curb the long-standing practice of routing Chinese-made goods through Vietnam to avoid U.S. duties, though officials have yet to detail how the 40% transshipment levy will be enforced. Analysts note the 20% rate, while lower than the 46% initially signalled, still exceeds pre-April tariff levels and could reshape supply chains across Southeast Asia. Shares of U.S. apparel and footwear makers that source heavily from Vietnam, including Nike and Under Armour, rose after the announcement. Vietnam, meanwhile, has asked Washington to recognise it as a market economy and ease export controls on advanced technology as talks move toward a full trade pact.