President Donald Trump announced Wednesday that he has struck a trade deal with Vietnam. 

"It will be a Great Deal of Cooperation between our two Countries. The Terms are that Vietnam will pay the United States a 20% Tariff on any and all goods sent into our Territory, and a 40% Tariff on any Transshipping," Trump wrote in a post on Truth Social. 

"In return, Vietnam will do something that they have never done before, give the United States of America TOTAL ACCESS to their Markets for Trade. In other words, they will ‘OPEN THEIR MARKET TO THE UNITED STATES,’ meaning that, we will be able to sell our product into Vietnam at ZERO Tariff, Trump added. 

Trump says he reached the deal after speaking with To Lam, the General Secretary of the Communist Party of Vietnam. 

"It is my opinion that the SUV or, as it is sometimes referred to, Large Engine Vehicle, which does so well in the United States, will be a wonderful addition to the various product lines within Vietnam. Dealing with General Secretary To Lam, which I did personally, was an absolute pleasure," Trump also said. 

Vietnam previously was hit with a 46% tariff as part of Trump’s "Liberation Day" reciprocal tariff announcements. 

That tariff was later suspended for 90 days, with the suspension set to expire next week. 

Vietnamese Prime Minister Pham Minh Chinh said in late June that he was expecting to reach a trade deal with the U.S. before the deadline, according to Reuters. 

"I hope that you will see that the result will come earlier than two weeks," Chinh reportedly said. "Vietnam and the U.S. share a deep understanding on tariffs... I hope that all the positive things will come for us." 

Vietnam has a trade surplus of $12.2 billion with the U.S., Reuters reported. 

This is a developing story. Please check back for updates.