President Donald Trump announced Wednesday that the U.S. will impose 20% tariffs on imports from Vietnam under a new trade deal finalized during last-minute talks. Previously, Vietnamese goods were set to face a 46% levy starting next week, part of Trump’s “reciprocal” tariff policy introduced in April. Meanwhile, other major economies like the EU and Japan are still racing to secure their own agreements with the U.S. Trump said Vietnam, in return, will not impose any tariffs on U.S. products. “Vietnam will do something that they have never done before, give the United States of America TOTAL ACCESS to their Markets for Trade,” Trump wrote on social media. His trade adviser, Peter Navarr,o added that up to one-third of Vietnamese exports to the U.S. are actually Chinese goods rerouted through Vietnam.