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illuminem summarises for you the essential news of the day. Read the full piece on CNN or enjoy below:
🗞️ Driving the news: President Donald Trump announced a trade deal with Vietnam ahead of the 9 July deadline for tariff adjustments
• The agreement includes a 20% tariff on Vietnamese exports to the US, doubling the current minimum rate
• Additionally, a 40% tariff will apply to "transshipping," where products are sold through Vietnam from other countries. In return, Vietnam would grant the US unrestricted access to its market, a move previously untested
🔭 The context: This deal is the third significant trade agreement reached by the Trump administration in recent weeks, aiming to resolve ongoing trade tensions ahead of the looming tariff changes
• While the deal's final terms remain unclear, it highlights continued US efforts to address trade imbalances, especially with countries like Vietnam that have benefited from shifting production away from China
🌍 Why it matters for the planet: The trade deal may have a substantial impact on the global supply chain, particularly for industries that rely on manufacturing in Vietnam, such as apparel and electronics
• However, the imposition of higher tariffs could strain bilateral trade relationships and escalate tensions with other countries, influencing market stability and global trade dynamics
⏭️ What's next: Details of the agreement are still pending, and it remains to be seen whether Vietnam will fully agree to the terms outlined by the US
• If the deal is finalized, it could reshape trade flows between the two nations and influence tariff policies globally
• The potential impact on US businesses relying on Vietnamese goods will be closely monitored as the full details of the trade agreement emerge
💬 One quote: "Vietnam will give the United States of America TOTAL ACCESS to their Markets for Trade," — President Donald Trump, announcing the deal
📈 One stat: Vietnam's exports to the US last year totaled $137 billion, marking a significant rise in trade between the two countries in recent years
See on illuminem's Data Hub™ the sustainability performance of key companies like Nike, Lululemon, and Columbia Sportswear, which rely heavily on manufacturing in Vietnam.
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