President Trump has announced that a trade deal between the U.S. and Vietnam has been secured.
The President called it a “great deal of cooperation” between the two countries. Vietnam has agreed to pay the United States 20 percent tariffs on any and all goods and a 40 percent tariff for trans-shipping. In return, Vietnam is giving the United States total access to its markets for trade with no tariffs.
U.S. Secretary of Commerce Howard Lutnick has called the deal a massive win for American businesses and huge for farmers. The deal comes after China has been working towards strengthening trade ties with Vietnam amid tariff disruptions.
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Rollins says the new trade relationship with Taiwan, which is committed to buying a significant amount of U.S. soy, could not come at a better time for farmers facing financial strain.
The three-point plan was announced during remarks at the annual meeting of the National Association of State Departments of Agriculture.
Higher tariffs may shield some U.S. crops but risk retaliation, lost markets, and higher costs for growers. The WTO disputes highlight the fragile balance between trade policy, farm exports, and input supply chains.
USMEF CEO Dan Halstrom joined us on Monday’s Market Day Report for his analysis on the U.S.-Taiwan trade agreement, which includes big bucks for U.S. Beef.
