Bessent on Vietnam: 20% tariff stands, Section 232 protections apply

“This supersedes all the other tariffs. There may still be some of the 232 tariffs for specific industries, but in terms of generalized, it’s 20%,” Bessent said.  

The Secretary lauded Trump’s tariff announcement letters addressed to the country’s global trade partners.

Trump sent form letters to Japan and South Korea’s leaders. He outlined his plans to apply 25% tariffs on goods from each nation beginning on Aug. 1. The letters are not applicable to steel or aluminum imports. 

In his July 7 correspondence with US trade partners, Trump announced that he was changing his July 9 reciprocal tariff implementation.  

“Starting on Aug. 1, 2025, we will charge [Korea/Japan] a Tariff of only 25% on any and all [Korean/Japanese] products sent into the United States, separate from all Sectoral Tariffs,” Trump’s letter stated.  

During a White House press briefing on Monday, White House Press Secretary Karoline Leavitt told reporters that the president plans to send 12 other countries similar letters.   

“The president will sign an executive order today delaying the July 9 deadline to Aug. 1, so the reciprocal tariff rate or these new rates that will be provided in this correspondence to foreign leaders will be going out the door in the next month. Or deals will be made in those countries continue to negotiate with the US,” Leavitt said.   

She added: “The president and this trade team want to cut the best deals for the American people and the American worker. That’s what they’re focused on.”  

Last Wednesday, Trump did not make explicit note of sectoral tariffs for imports from Vietnam in his Truth Social post. On July 3, SMU analyzed potential tariff scenarios on Vietnamese exports of steel and aluminum to the US via Final Thoughts.  

SMU continues to reach out to the administration to understand whether the president was including steel and aluminum in his “any and all goods” statement last week, and whether Secretary Bessent’s latest comments about Section 232 tariffs refers to rates for steel imports.  

The President also made news on Tuesday when he announced putting a 50% tariff on copper imports. SMU continues to follow the developments on the plan to extend tariffs to copper.