A major shift just occurred in global trade. On July 2nd, the United States and Vietnam announced a new trade agreement that sets a 20% tariff on Vietnamese exports and 40% on goods deemed to be transshipped (often Chinese-origin products rerouted via Vietnam).

In this episode, Adrian and Renaud break down what this means for importers using Vietnam as a China alternative, explore the politics behind the deal, and raise key concerns around enforcement, retaliation, and how other countries may follow.

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