U.S. Stocks Climb After Trump Announces Vietnam Trade Deal
(MENAFN) US stocks closed mostly in positive territory on Wednesday, buoyed by President Donald Trump's announcement of a new trade agreement with Vietnam.
The Dow Jones Industrial Average edged lower by 0.02%, or 10.52 points, ending the day at 44,484.42. Conversely, the S&P 500 advanced by 0.47%, reaching a fresh record of 6,227.42—continuing its bullish streak that saw highs on both Friday and Monday.
The Nasdaq Composite soared 0.94%, or 190.24 points, closing at a new all-time high of 20,393.13.
Trump revealed the trade deal with Vietnam following a conversation with Vietnamese Communist Party General Secretary To Lam. "It will be a Great Deal of Cooperation between our two Countries," Trump wrote on his Truth Social platform. "The Terms are that 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."
The deal grants the US "total access" to Vietnam’s markets, he added. "We will be able to sell our product into Vietnam at ZERO Tariff."
He further expressed optimism about the potential for SUVs—also known as Large Engine Vehicles—finding success in Vietnam. "It is my opinion that the SUV or, as it is sometimes referred to, Large Engine Vehicle, which does so well in the United States, will be a wonderful addition to the various product lines within Vietnam," Trump noted.
Nike, which manufactures a significant portion of its footwear in Vietnam and China, saw its shares jump by 4% following the announcement.
Additionally, media reported that Vietnam is set to finalize an $8 billion purchase of 50 Boeing aircraft, alongside agreements to buy $2.9 billion worth of US agricultural products.
On the economic front, the latest ADP employment report revealed a loss of 33,000 jobs in June, marking the first monthly decline in US job numbers since March 2023.
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