BREAKING: Trump announces tariff deal with Vietnam; Nike shares erase early gains 💡

4:07 PM 2 July 2025

The United States and Vietnam have reached a preliminary trade agreement, announced by President Trump just before the expiration of the suspension of high reciprocal tariffs.

Under the agreement, as reported by Donald Trump, Vietnam will pay the United States a 20% tariff on all goods shipped to the US and a 40% tariff on all transshipments, primarily from China. In return, Vietnam is to provide the United States with full access to its trade markets (enabling US products to be traded in Vietnam with zero tariffs).

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Nike (NKE.US) shares, which manufactures its shoes primarily in Vietnam, reacted sharply to this news. The shares erased their gains from the beginning of the session immediately after Donald Trump's announcement.

Source: xStation

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