The Straits Times is reporting that the U.S. and Vietnam have reached a new trade agreement. It said the agreement, reached during last-minute negotiations, will see the U.S. impose a 20% tariff on imports from Vietnam, a reduction from the previously announced 46%. The Straits Times said that a key lesson from the deal is that countries will be expected to curtail some trade with China, but doing so risks provoking Beijing.
Separately, The Straits Times said that sources in India’s commerce ministry have reported that a trade delegation is in Washington seeking a tariff deal. India’s Commerce Minister Piyush Goyal had previously criticized a free trade agreement between Asean and India, leading to a review of the FTA. Asean sources noted that India had not officially complained about specific instances of Chinese goods being sent into India through any Asean countries, according to The Straits Times.