CX Briefing: U.S. Strikes Trade Deal With Vietnam

A rundown of the news making headlines in and around China:

U.S.-Vietnam trade deal: U.S. President Donald Trump said that Vietnam has agreed to a trade deal with the U.S. Under the agreement, announced Wednesday, Vietnam promised to “fully open its market” to American products in exchange for accepting a 20% tariff on all Vietnamese exports to the U.S. Trump also said that all U.S.-bound goods transiting through Vietnam would be hit with a 40% tariff. Vietnamese leader To Lam welcomed the agreement in a phone conversation with Trump Wednesday, but did not confirm the details. In tariff talks, Washington reportedly pushed Vietnam to reduce the use of Chinese tech in U.S.-bound devices assembled in the country. Vietnam is home to large manufacturing operations that often rely on components made in China.