U.S. President Donald Trump has announced a trade deal with Vietnam that includes a 20 percent tariff on Vietnamese imports to the U.S.

Trump declared the deal on his Truth Social platform on Wednesday, saying Vietnamese exports to the U.S. will face a 20 percent tariff but Vietnam will charge no tariffs on U.S. products. 

Trump said Vietnam also agreed that goods will be hit with a 40 percent tariff if they originate in another country and are transferred to Vietnam for final shipment to the United States.

In April, Trump announced a 46 percent tariff on Vietnamese imports, but the latest deal has reduced it to 20 percent. 

This is the first trade agreement with an Indo-Pacific nation under the Trump administration.