'Deliberately lying': Trump hammered over 'horrible' new trade deal
President Donald Trump announced his second trade deal as part of his "90 Deals in 90 Days" marathon, and this one is with Vietnam. For political analysts, however, the deal doesn't look as good as Trump boasts.
"It is my Great Honor to announce that I have just made a Trade Deal with the Socialist Republic of Vietnam after speaking with To Lam, the Highly Respected General Secretary of the Communist Party of Vietnam," Trump announced on Truth Social Wednesday.
Trump said that all imports from Vietnam will be taxed at 20% with a 40% tax on "transshipping." He goes on to celebrate that the United States will have "TOTAL ACCESS" to sell U.S. goods in Vietnam.
As foreign affairs journalist Olga Nesterova explained, Trump is taxing Americans 20-40% while Vietnam gets products for free.
However, the country's economy, cost of living and salaries are vastly different from those in the United States. For example, Numbeo data shows the cost of a 12-ounce bottle of soda is about 50 cents. The monthly cell phone bill with at least 10 gigabytes of data is under $6. A one-bedroom apartment in the City Centre averages under $400 a month.
As political and media researcher Craig Harrington explained, "Our trade relationship with Vietnam was growing before Trump, but we still only exported $13.1 billion worth of goods to Vietnam in 2024 (they exported $136.6 billion to us). Tariffs aren't the reason we don't export much to Vietnam, it's because they are poorer than we are."
Meanwhile, University of Michigan professor of public policy and economics, Justin Wolfers, noted on X, "'New' trade deal just dropped: US businesses get tariff-free access to the Vietnamese market, just as they were offered 8 years ago in the TPP, but Trump refused to sign. In addition, Trump's imposing a 20% tax on Americans who import goods from Vietnam."
Political commentator Brian Krassenstein posted on X that the deal is "horrible" for the U.S.
"Trump announces what appears to be a horrible trade deal for the United States and Vietnam. American businesses will now be paying between 20 and 40% for imports coming from Vietnam. It’s literally like they want inflation," he wrote.
The group Republicans Against Trump agreed, noting, it "sounds like a really terrible deal."
Harrington pointed out that on April 4, there was a "zero-rate tariff offer in Vietnam was proposed." Trump announced his "Liberation Day" on April 2. "He's essentially done nothing in 3 months. A true genius at work. The art of the deal."
Zeteo News founder and former MSNBC host Mehdi Hasan attacked, "Trump is brazenly and deliberately lying here - but American consumers and businesses will pay."
