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.

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.

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.