Trump announced the Vietnam deal on Wednesday, saying that the US would place a 20 per cent tariff on Vietnamese exports to the US and a 40 per cent rate on goods deemed transshipped through the nation — a reference to the practice whereby components from China and possibly other nations are routed through third countries on their way to the US.

American tariffs on dozens of countries will come into effect next Wednesday as scheduled, although several deals could still be worked out before then, President Donald Trump confirmed Friday.

With just five days remaining in the tariff moratorium, the White House is expected to begin delivering a message to a dozen or so countries: Time is up, and here’s your new rate.