At around 11 p.m. Vietnam time on July 2, CNBC reported that the S&P 500 index rose after President Donald Trump announced that the U.S. had reached a trade agreement with Vietnam.
The S&P 500 gained 0.3%, while the Nasdaq Composite rose 0.7%. The Dow Jones Industrial Average climbed 48 points, or 0.1%.
“The S&P 500 advanced after President Trump posted about the U.S.-Vietnam agreement on his social media platform, Truth Social, although he provided no further details. Shares of Nike—which manufactures about half of its footwear in Vietnam and China—jumped 3% following the announcement,” CNBC noted.
Earlier that day, U.S. markets had been under pressure after the latest report from payroll processor ADP showed that the U.S. private sector lost 33,000 jobs last month. This was the first monthly decline in ADP’s jobs report since March 2023. Economists had expected an increase of about 100,000 jobs.
According to Vietnam’s Ministry of Foreign Affairs, at around 8 p.m. on July 2, General Secretary Tô Lâm held a phone call with President Trump to discuss U.S.-Vietnam relations and ongoing negotiations over retaliatory tariffs between the two countries.
Both leaders welcomed the conclusion of a Joint U.S.-Vietnam Statement outlining the framework for a reciprocal, fair, and balanced trade agreement. President Trump confirmed that the U.S. would significantly reduce retaliatory tariffs on many Vietnamese exports.
On Truth Social the same day, Trump posted: “I just reached a trade agreement with Vietnam. Details to follow!”
Back in April, President Trump had announced a series of new tariffs targeting multiple trading partners—Vietnam faced a proposed rate of 46%—but enforcement had been postponed for 90 days to allow time for negotiations.
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Source: Vietnam Insider