The United States will place a lower-than-promised 20% tariff on many Vietnamese exports, Donald Trump said on Wednesday, cooling tensions with its tenth-biggest trading partner days before the U.S. president could raise levies on most imports.

Trump’s looming tariffs on Vietnamese goods threatens to upend the country's US export-heavy economy. To counter this, Vietnam must diversify its export markets to reduce dependence on the United States,

Pressure for trade deals is mounting as the temporary reduction of Trump's reciprocal tariffs is set to end in a matter of days.