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

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

President Donald Trump said he had reached a trade deal with Vietnam following weeks of intense diplomacy between the nations and ahead of a deadline next week that would have seen higher tariffs imposed on the country’s imports.