The United States will place a lower-than-promised 20% tariff on many Vietnamese exports, Donald Trump said on Wednesday, cooling tensions with its tenth-biggest trading partner days before the U.S. president could raise levies on most imports.

President Donald Trump announced Wednesday that he had struck a trade deal with Vietnam under which the country would face a minimum 20 percent tariff and open its market to US products.He said that under the "Great Deal of Cooperation,

The country’s trade surplus with the U.S., the third-largest globally, has made it a target for new tariffs, fueled by the ongoing industrial shift from China to Vietnam. Communist Party leader To Lam is expected to visit Washington soon with a delegation to advance trade negotiations, Bloomberg News reported.