Trump announces U.S. trade pact with Vietnam

Summary

Marketplace Morning Report – Episode: Trump Announces U.S. Trade Pact with Vietnam Release Date: July 3, 2025
Host: Liana Byrne
Source: BBC World Service

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1. Introduction to the Trade Pact

Liana Byrne opens the episode with breaking news on the U.S.-Vietnam trade negotiations:

"[...] President Donald Trump says he struck a new trade deal with Vietnam. The deal reached during last-minute negotiations makes Hanoi one of the few to agree to a deal," (01:22).

This development marks a significant shift in U.S. trade relations, especially considering the tense negotiations that preceded the agreement.

2. Details of the Trade Agreement

Erin Delmore from the BBC World Service provides an in-depth analysis of the trade pact:

"Back in April, when Trump announced new tariff rates, Vietnam was one of the hardest-hit countries. Goods imported into the US from Vietnam were subject to a 46% blanket tariff. Now, per the new agreement, it's a 20% tariff on goods imported into the US from Vietnam as well as a 40% trans-shipping tariff," (01:43).

Delmore explains that the reduced tariffs aim to alleviate the burden on Vietnamese exporters while still protecting U.S. industries:

"That's to keep countries from circumventing trade barriers. [...] the tariff will be paid by the importers of the goods who are in the U.S.," (02:15).

3. Financial Market Implications

Transitioning from international trade, Liana Byrne delves into recent movements in the financial markets:

• British Bonds and the Pound: British government bonds, known as gilts, have rebounded from significant losses, influenced by uncertainties surrounding the UK Finance Minister's position. Concurrently, the pound experienced a notable decline, dropping by over 1% (02:15 – 03:07).

• Microsoft Layoffs: In corporate news, Microsoft announced plans to lay off nearly 4% of its global workforce, equating to around 6,000 jobs. This move reflects broader economic adjustments within the tech industry (02:15 – 03:07).

4. Surge in Platinum Prices

The report highlights an unexpected surge in the price of platinum, a precious metal traditionally overshadowed by gold:

Tim Water, Chief Market Analyst at K Amtrade, provides insights into this trend:

"We are seeing quite a big pickup in jewellery usage, particularly from China, and I think that's in response to that rise in the gold price that's left a lot of investors and jewellers looking for cheaper alternatives. And that has really been one of the forces behind that push higher in platinum prices that we have seen," (03:07).

Additional factors contributing to platinum's rise include:

• Currency Fluctuations: A 10% depreciation of the U.S. dollar this year has made metals like gold, silver, and platinum more affordable internationally (03:40).

• Supply Constraints: The World Platinum Investment Council anticipates a supply deficit for 2025, marking the third consecutive year of reduced platinum supplies. This gap is partly due to increased industrial demand, such as its use in catalytic converters and potential applications in advanced battery technology (03:52 – 04:20).

Tim Water cautions, however, that while platinum has surged nearly 50% this year, future price movements remain uncertain:

"We have to wait and see whether that does start to perhaps dent, you know, platinum prices moving forward," (04:20).

5. Oasis Reunion Tour: A Commercial Phenomenon

Shifting to the entertainment sector, Liana Byrne covers the highly anticipated Oasis reunion tour:

• Tour Kickoff and Merchandise Success: The reunion tour began in Cardiff, Wales, with the band launching several pop-up official merchandise stores across the UK and Ireland. Charlotte Broadbent, UK General Manager for Fair, an online wholesale marketplace, reports a massive spike in demand:

  "We've seen sales up 150% year on year, and actually outside of the UK and globally that's up 230%. So it's really not just a UK phenomenon, it truly is global," (05:47).

• Fan Engagement and Spending: With approximately 1.4 million tickets sold out of 17 UK gigs, the demand for merchandise remains high. Fans like an unnamed attendee shared their substantial purchases:

  "Just under 300 pounds," including vinyls, T-shirts, bucket hats, and more, (05:00 – 05:17).

• Economic Impact: Barclays estimates that fans could collectively spend up to $1.3 billion on tickets, merchandise, hotel bookings, and food and drink throughout the tour (05:17).

Dr. Matt Grimes, a music business expert, emphasizes the evolving significance of merchandise in the music industry:

"Merchandise has become quite a big thing within the music business. It's a way of people keeping that connection with that particular event," (06:42).

6. Closing Remarks

Liana Byrne wraps up the report by highlighting the ongoing success of the Oasis tour and its commercial implications:

"The 41-day tour wraps up in Brazil on the 23rd of November. But will the famously fractious band last the distance? Whatever happens, the fans will always have the merch," (07:09 – 07:27).

7. Additional Highlights

While the primary focus was on the trade deal, financial markets, and the Oasis reunion, the episode briefly touches upon Microsoft's workforce reduction and the broader economic challenges, such as the housing crisis and rising costs, setting the stage for future discussions.

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Conclusion:
This episode of the Marketplace Morning Report provides a comprehensive overview of significant global trade developments, financial market movements, and notable trends in the entertainment industry. From the establishment of a pivotal U.S.-Vietnam trade pact to the unexpected rise in platinum prices and the commercial triumph of the Oasis reunion tour, listeners gain valuable insights into the interconnectedness of international trade, economic indicators, and cultural phenomena.

Notable Quotes:

• Erin Delmore: "That's to keep countries from circumventing trade barriers. [...] the tariff will be paid by the importers of the goods who are in the U.S." (02:15)
• Tim Water: "We are seeing quite a big pickup in jewellery usage, particularly from China..." (03:07)
• Charlotte Broadbent: "We've seen sales up 150% year on year, and actually outside of the UK and globally that's up 230%." (05:47)
• Dr. Matt Grimes: "Merchandise has become quite a big thing within the music business." (06:42)

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For those seeking a deeper dive into the latest business and economic stories shaping our world, tuning into the Marketplace Morning Report is a must.

Transcript

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[Liana Byrne]

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[Liana Byrne]

Six days before the tariffs deadline, Vietnam and the US have reached a deal. Good morning, this is the Marketplace Morning Report and we're live from the BBC World Service. I'm Liana Byrne. So President Donald Trump says he struck a new trade deal with Vietnam. The deal reached during last minute negotiations makes Hanoi one of the few to agree a deal, as the BBC's Erin Delmore reports.

[Erin Delmore]

Back in April, when Trump announced new tariff rates, Vietnam was one of the hardest hit countries. Goods imported into the US from Vietnam were subject to a 46% blanket tariff. Now, per the new agreement, it's a 20% tariff on goods imported into the US from Vietnam as well as a 40% trans shipping tariff. That's to keep countries from circumventing trade barriers. Now a tariff is a tax on imports. And while President Trump wrote on Truth Social that Vietnam will pay the 20% tariff, it will be paid by the importers of the goods who are in.

[Liana Byrne]

The U.S. aaron Delmore there. Now let's do the numbers. British bonds, they call them gilts over here, have clawed back some heavy losses prompted by questions over the UK Finance minister's future government bond prices fell by the most since October 2022, and the pound dropped by more than 1. Meanwhile, Microsoft says it will lay off nearly 4% of its global workforce, affecting around 6,000 workers. Now, we often hear how investors pile into gold in times of uncertainty, seeing it as a so called safe haven. But another precious metal, platinum, has also been hitting highs. Last week it climbed above the $1,400 per troy ounce mark for the first time since September 2014. It's since slipped back. So why is there such a rush for platinum? I asked Tim Water, chief market analyst at K Amtrade.

[Tim Water]

We are seeing quite a big pickup in jewellery usage, particularly from China, and I think that's in response to that rise in the gold price that's left a lot of investors and jewellers looking for cheaper alternatives. And that has really been one of the forces behind that push higher in platinum prices that we have seen. Another thing is, you know, gold is being influenced by what's happened with the US dollar as well. That's depreciated by 10% this year. So that's effectively made metals such as gold, silver and platinum cheaper. So I think that's also working in favor of platinum prices.

[Liana Byrne]

It seems as well is that there is a bit of a supply deficit because the World Platinum Investment Council says 2025 could be the third year in a row that supplies are down. What's behind that gap?

[Tim Water]

Part of that is in relation to an industrial pickup in platinum uses. So we have seen it start to take the place in some instances of palladium when it comes to catalytic converters. And also there is talk that we could see a greater role for platinum moving forward in terms of advanced battery technology. What I would say is that, you know, while it has moved nearly 50% higher this year, we have to wait and see whether that does start to perhaps dent, you know, platinum prices moving forward.

[Liana Byrne]

Tim, thank you so much.

[Tim Water]

Thank you very much.

[Liana Byrne]

Now, if you're a fan of Brit pop, you're going to love to hear that the long awaited Oasis reunion tour finally kicks off in Cardiff in Wales Friday. The band has been cashing in on the hype by opening a string of pop up official merchandise stores across the UK and Ireland. And as I found out, demand is high. Manchester, home to Oasis and the first Oasis Live 25 store, giving fans a chance to stock up on everything from bucket hats to branded cutlery sets. Five more stores will follow in cities, hosting the band on its UK and Ireland leg. So what have fans been buying and how much are they spending?

[Unnamed Fan]

Got a Collection of vinyls. That's for a friend, actually, who lives overseas, so he's not going to be able to make the concerts. And then a couple of T shirts for myself, iron on prints, a standard bucket hat and a mug. And then the wife's convinced me to get a poster for the bottom of the stairs. Just under 300 pound.

[Liana Byrne]

The six retail outlets are part of a wider commercial push surrounding what is already being dubbed the most lucrative reunion tour in British music history. Barclays bank has estimated fans could spend up to $1.3 billion across tickets, merchandise, hotel bookings and food and drink during the tour. Charlotte Broadbent is the UK General Manager for Fair, an online wholesale marketplace connecting indie brands with indie retailers. She's seen a big spike in demand for Oasis themed goods.

[Charlotte Broadbent]

We've seen sales up 150% year on year, and actually outside of the UK and globally that's up 230%. So it's really not just a UK phenomenon, it truly is global and it's been so interesting to watch as retailers kind of place their orders ahead of the tour and buy into this trend. The way that this band has captured hearts and wallets in the US was surprising to us. We've seen that Liam really is the fan favorite in our search data, whereas Noel slightly behind on the trend, which I'm sure he wouldn't be happy about.

[Liana Byrne]

About 1.4 million people managed to buy a ticket for one of the 17 UK gigs, with 10 times more trying their luck. So for everyone else, there's always the merchandise. Dr. Matt Grimes is a music business expert at Birmingham City University.

[Dr. Matt Grimes]

Merchandise has become quite a big thing within the music business. I mean, it's always been there. It's a way of people keeping that connection with that particular event. There was this big issue around tickets and dynamic pricing and people not being able to get tickets and. And clearly there's fans out there that want to be part of what's going on, but may not have the opportunity to see them perform live. So it's a way that they can connect with what could be seen as pretty much a global event or global phenomena.

[Liana Byrne]

So for fans, the final countdown has begun and so far the merch is going down.

[Monica Nickelsberg]

Well, I've just bought a poster, but we had a good look around. There's lots of different T shirts and added ass things and many bucket hats, but I think make the money while you can. Absolutely. For it, while you've got it, because you just don't know what's around the corner. So no good for them. Make your money while you can.

[Liana Byrne]

The 41 day tour wraps up in Brazil on the 23rd of November. But will the famously fractious band last the distance? Whatever happens, the fans will always have the merch. And that's it from the Marketplace. Morning Report from the BBC World Service, I'm Liana Byrne. Have a great day and thanks so much for listening.

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Hey everyone, I'm Rima Reyes and I'm excited to join Kimberly Adams on Make Me Smart. Together we'll unpack the day's news, whether it's a tariff switch up, the latest on Trump's immigration policy, or the future of clean energy. Join us each weekday so we can make sense of it all together, because none of us is as smart as all of us. Listen to Make Me Smart. Wherever you get your podcasts.