America is close to clinching several trade deals ahead of a July 9 deadline when higher tariffs were due to kick in, Treasury Secretary Scott Bessent said.

The tariff deal between the United States and Vietnam sets the stage for a further climb in trade volumes between the countries and will also impact the energy generation mix that powers the fast-growing Vietnamese economy.

While the August 1 implementation date had been previously mentioned by Trump and senior officials, there had been ambiguity around whether it would apply uniformly across all trading partners.