On July 2, President Donald Trump finalized a new trade agreement with Vietnam, which he had personally negotiated with General Secretary Nguyen Xuan Phuc. The deal has a tariff of 20%, which will be assessed on all goods imported from Vietnam, and a 40% charge on any goods that might be considered transshipped goods.

U.S. stocks ended mostly higher on Wednesday, as a positive trade development overshadowed an unexpected dip in U.S. June private sector employment a day ahead of a key jobs report. The benchmark S&P 500 (SP500) closed at a record high,

The Trump administration’s new trade deal with Vietnam aims to shut down any “backdoor” routes that allow Chinese goods to circumvent tariffs and flood the U. S.