In the lead-up to the "Liberation Day" tariff announcement in April, President Donald Trump often stressed the importance of reciprocity. He claimed that raising tariffs on imports from foreign countries was about fairness—and that America would drop tariffs if other countries agreed to do the same.
After the announcement of a new trade deal with Vietnam, we can safely conclude that Trump was not telling the truth about that.
Under the terms of that deal, announced Wednesday, American exports to Vietnam will face no tariffs while Vietnamese goods imported into the United States will face tariffs of between 20 percent and 40 percent. The higher rate is reserved for goods that are shipped through Vietnam from other origins. (The exact details of the deal are reportedly still being hammered out.)
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