President Donald Trump said on Wednesday that the US will charge 20% tariffs on imports from Vietnam under a new trade deal reached during last-minute negotiations, BBC reported.

Products sent from Vietnam to the US had faced a 46% levy, which was set to go into effect next week as part of Trump's "reciprocal" tariffs announced in April.

Dozens of other economies, including the European Union and Japan, are still scrambling to make their own deals with the US before the planned increases. 

Under the agreement, Vietnam will charge no tariffs on US products, Trump said in a social media post, according to BBC.