Vietnam Trade Deal Framework

The U.S. published a Joint Statement on a U.S.–Vietnam trade deal framework on October 26, 2025. According to the Joint Statement, the key terms of the agreement will include, among other things:

• Vietnam providing preferential market access for U.S. industrial and agricultural products;
• The U.S. maintaining a 20% reciprocal tariff rate, with the exception of goods set out in Annex III which will be subject to a 0% tariff;
• Vietnam agreeing to address non-tariff barriers, including Vietnam’s agreement to accept vehicles built to U.S. standards, import licensing for U.S. medical devices, streamlining regulatory requirements and approvals for U.S. pharmaceutical products, among others;
• Vietnam Airline’s agreement to purchase 50 aircraft from Boeing; and
• Vietnamese companies’ agreements to purchase U.S. agricultural commodities with an estimated value over $2.9 billion.

Additional information will be provided once the formal agreement has been published.

Thailand Trade Deal Framework

The U.S. published a Joint Statement on a U.S.–Thailand trade deal framework on October 26, 2025. According to the Joint Statement, the key terms of the agreement will include, among other things:

• Thailand agreeing to eliminate tariff barriers on 99% of U.S. industrial, food, and agricultural goods;
• The U.S. maintaining a 19% reciprocal tariff rate, with the exception of goods set out in Annex III which will be subject to a 0% tariff;
• Thailand agreeing to address non-trade barriers, including Thailand’s agreement to to accept vehicles built to U.S. standards, import licensing for U.S. medical devices, streamlining regulatory requirements and approvals for U.S. pharmaceutical products, among others;
• Thailand agreeing to expediting access for U.S. Food Safety and Inspection Service-certified meat and poultry products;
• Thailand agreeing to purchase agricultural products, including feed corn, soybean meal, and dried distiller grains with an estimated value of $2.6 billion per year;
• Thailand agreeing to purchase energy products estimated at $5.4 billion per year; and
• Thailand agreeing to procure 80 U.S. aircraft, totaling $18.8 billion.

Additional information will be provided once the formal agreement has been published.

South Korea Trade Deal Framework

It was reported this week that the U.S. and South Korea have reached a trade deal which will lower tariffs on goods to 15% including automobiles manufactured in South Korea. Once the deal is signed, it is expected to be retroactive to November 1. Additional information will be provided once the formal agreement has been published.

U.S. Anticipates Lowering 20% Fentanyl Tariff on China

While speaking to reporters on Air Force One, President Trump stated he expects to lower the 20% IEEPA fentanyl tariff on China after meeting with President Xi Jinping on October 30. However, a formal notice lowering that tariff has not yet been published.

U.S. to Delay BIS 50% Rule for 1 Year

In an interview, Treasury Secretary Bessent stated that the U.S. will suspend the BIS 50% rule for one year after President Trump’s meeting with President Xi Jinping on October 30. The BIS 50% rule was released on September 29, effective immediately with a limited general license. For a full description of that rule, please see our previous blog post (here). 

The Husch Blackwell team continues to monitor developments and will provide additional updates as they arise.