Cryptocurrency investors are eagerly anticipating similar agreements with various countries following this significant development. Given that Vietnam serves as a production hub for many brands, the agreement with the US holds great importance, comparable to that with other partners. To mitigate the tariffs’ impact on inflation, there should be a focus on more reasonable rates rather than the current rates reaching 50%.
Latest Developments on US Tariffs
Tariffs hold an essential place in cryptocurrency price fluctuations. We’ve witnessed how news of agreements and tensions have impacted market graphs. Consequently, following the Vietnam agreement, BTC climbed to its daily peak of $108,274. After the agreement with the United Kingdom, the US has established its second major long-term tariff agreement. This move signals that the US intends to secure more agreements, moving away from the doomsday scenarios discussed back in April about an anti-US trade bloc. This bodes well for risk markets.
Trump announced the good news, revealing that they agreed on a 20% customs duty. This agreement allows the US unrestricted access to the Vietnamese market without customs duties. Previously, Vietnam’s customs duty was set at 46%. A base tariff rate of 10% will likely be accepted by all countries, or else they will have to mutually nullify tariffs.
Trump’s Social Media Announcement
Trump shared the following details on his social media account, Truth Social:
“After meeting with the esteemed General Secretary To Lam of the Communist Party of Vietnam, I am honored to announce that we have signed a trade agreement with the Socialist Republic of Vietnam. This signifies a significant cooperation agreement between our two countries. Under the terms, Vietnam will pay a 20% customs duty on all goods sent to the US and a 40% duty on all transfers.
In return, Vietnam will do something unprecedented by granting the United States FULL ACCESS to their markets for trade. In other words, they will ‘OPEN THEIR MARKETS TO THE UNITED STATES,’ allowing us to sell our products to Vietnam with ZERO customs duty. Vehicles like SUVs, which are highly successful in the United States, will be a fantastic addition to Vietnam’s diverse product range. It was a great pleasure for me to meet General Secretary To Lam in person. Thank you for your interest in this matter!”
