“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 said on his social network. “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.”

The trade truce between Washington and Beijing may be holding for now, but China is increasingly wary about what’s happening elsewhere: US efforts to forge deals that could isolate Chinese firms from global supply chains.

Vietnam finds itself caught between its two biggest trading partners as the Trump administration tries to stop Chinese exporters using Vietnam as a way station.