Overview

• The United States and Vietnam signed an agreement on July 2 imposing a 20% tariff on Vietnamese imports and a 40% levy on goods transshipped through Vietnam to deter Chinese rerouting tactics.
• India’s trade delegation extended its stay in Washington to resolve key sticking points, agreeing to exclude agriculture, dairy and genetically modified crops in return for reciprocal tariff cuts on labor-intensive exports.
• Treasury Secretary Scott Bessent and President Trump indicated that an interim deal with India could be sealed within 48 hours to avert the automatic reimposition of 26% reciprocal tariffs.
• Talks with Japan have stalled, with President Trump expressing doubt over a pact and preparing letters to notify non-compliant partners of default tariff rates.
• The administration presents these bilateral accords as foundational steps toward realigning supply chains with stringent rules of origin and anti-transshipment measures.