The U.S.-Vietnam trade deal lowers headline tariffs, but the lack of key details leaves major uncertainty around specifics and enforcement aspects that could reshape investment and squeeze exporters across China-linked and Southeast Asian supply chains. On July 2, U.S. President Donald Trump announced a trade deal with Vietnam in which the United States will impose a 20% tariff on Vietnamese imports and a 40% tariff on goods transshipped through Vietnam — a measure clearly targeting Chinese goods shipped through Vietnam. The agreement was announced just days ahead of a self-imposed July 9 deadline that could have seen the United States place a 46% tariff on Vietnamese goods. As a part of the deal, Trump said that Vietnam would eliminate all tariffs on imports of U.S. goods.