President Trump: The United States will significantly cut reciprocal tariffs on many Vietnamese exports

At 8:00 p.m. on July 2, 2025 (Vietnam time), General Secretary To Lam had a phone call with US President Donald Trump about Vietnam-US relations and negotiations on reciprocal taxes between the two countries.

General Secretary To Lam talks on the phone with US President Donald Trump. Photo: Thong Nhat/VNA

The two leaders expressed their delight at the strong and positive development of bilateral relations.

General Secretary To Lam and President Donald Trump welcomed the two countries' negotiating delegations' agreement on the Vietnam-US Joint Statement on the Framework for a Reciprocal, Fair and Balanced Trade Agreement.

President Donald Trump appreciated Vietnam's commitment to providing preferential market access for US goods, including large-engine cars.

He affirmed that the United States will significantly reduce reciprocal taxes on many Vietnamese export goods and will continue to cooperate with Vietnam in resolving difficulties affecting bilateral trade relations, especially in areas prioritized by both sides.

General Secretary To Lam proposed that the United States soon recognize Vietnam as a market economy and remove export restrictions on some high-tech products.

General Secretary To Lam and President Donald Trump also discussed a number of major directions and measures to promote the Comprehensive Strategic Partnership in the coming years. The two leaders agreed to increase delegation exchanges and contacts at all levels, and promote cooperation in the fields of economics, trade and investment, especially in key and breakthrough areas such as science and high technology.

On this occasion, General Secretary To Lam reiterated his invitation to President Donald Trump and his wife to visit Vietnam and expressed his wish to meet President Trump again in the near future. President Trump sincerely thanked the General Secretary for his invitation and expressed his wish to meet the General Secretary again soon.

Immediately afterwards, at 10:25 a.m. on July 2 (local time), US President Donald Trump posted on the social network Truth Social that he had just reached a trade agreement with Vietnam.

President Trump wrote: "I just made a Trade Deal with Vietnam. Details to follow!"

The next information that President Trump revealed was: “I am deeply honored to announce that I have just reached a Trade Agreement with the Socialist Republic of Vietnam, after speaking with Mr. To Lam, the respected General Secretary of the Communist Party of Vietnam.

This will be a great partnership agreement between our two countries. Under the terms of the agreement, Vietnam will be subject to a 20% tariff on all goods entering the United States and a 40% tariff on goods in transit.

In return, Vietnam will do something it has never done before: Give the United States full access to its market for trade. In other words, it will “open its market to the United States,” meaning we will be able to export products to Vietnam with ZERO tariffs.

In my opinion, the SUV line – also known as the big engine car – which is very successful in the US, will be a great addition to the diverse product line in Vietnam.

Working directly with General Secretary To Lam was an extremely pleasant experience. Thank you for your attention to this issue!”

Source: https://baothainguyen.vn/chinh-tri/202507/tong-thong-trump-hoa-ky-se-cat-giam-dang-ke-thue-doi-ung-cho-nhieu-hang-hoa-xuat-khau-cua-viet-nam-9940a1d/