It wasn’t immediately clear if the EU would be able to secure tariff reductions for particular industries, such as automotive or steel, a key demand from member states including Germany. The EU currently faces 25% tariffs in the automotive sector and 50% tariffs on steel and aluminum.

European Union negotiators have failed so far to achieve a breakthrough in trade negotiations with the Trump administration and may now seek to extend the status quo to avoid tariff hikes, six EU diplomats briefed on the talks said on Friday.

New deal includes steep tariffs on “transshipped” goods from countries like China that route through Vietnam. President Donald Trump was going to notch 90 trade deals in 90 days. Easy. Art of the deal.

President Donald Trump said he had reached a trade deal with Vietnam following weeks of intense diplomacy between the nations and ahead of a deadline next week that would have seen higher tariffs imposed on the country’s imports.