New Delhi, July 2 -- US President Donald Trump announced on Wednesday (July 2) that he has struck a new trade agreement with Vietnam, claiming the Socialist Republic will deliver "unprecedented" access for American companies to the Vietnamese market.

"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 on Truth Social.

According to Trump, under the terms of the deal, Vietnam has agreed to pay a 20% tariff on "any and all goods" it exports to the United States, and a 40% tariff on any goods that are transshipped through Vietnam.

"In return," Trump claimed, "Vietnam will...