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Investing.com -- Nike Inc (NYSE:NKE) stock jumped 4.1% and Under Armour Inc (NYSE:UAA) shares rose 2.5% after U.S. President Donald Trump announced a trade agreement with Vietnam.
Trump revealed the deal on his Truth Social platform, initially stating simply: "I just made a Trade Deal with Vietnam. Details to follow!" He later explained that Vietnam will pay a 20% tariff on all goods sent to the United States and a 40% tariff on any transshipping, while the U.S. will receive "total access" to Vietnamese markets with zero tariffs on American products.
"It is my Great Honor to announce that I have just made a Trade Deal with the Socialist Republic of Vietnam after speaking with To Lam, the Highly Respected General Secretary of the Communist Party of Vietnam," Trump wrote. "It will be a Great Deal of Cooperation between our two Countries."
The agreement marks Trump’s third such deal ahead of a July 9 deadline, following earlier agreements with the UK and China. The announcement provided a boost to U.S. stocks, particularly benefiting retailers like Nike and Under Armour (NYSE:UA) that manufacture products in Vietnam.
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