The US has eased export restrictions on China for chip design software and ethane, a sign that trade tensions are calming

“Vietnam will pay the United States a 20% Tariff on any and all goods sent into our Territory, and a 40% Tariff on any Transshipping,” Trump said on his social network. “In return, Vietnam will do something that they have never done before, give the United States of America TOTAL ACCESS to their Markets for Trade.”

The United States and Vietnam have agreed on a two-layer tariff system designed to stop goods routed through Vietnam, often to dodge US duties, from entering American markets. Under the plan, items genuinely produced in Vietnam face a 20% duty,