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.

The president said he had agreed to initial trade terms with Vietnam, the second country to strike a limited deal after Mr. Trump threatened steep tariffs.

Washington — President Trump announced Wednesday that the U.S. has reached a trade deal with Vietnam, days before the July 9 deadline when the pause on his so-called reciprocal tariffs will expire.