An initial trade deal with Vietnam offers a glimpse of how President Trump is pushing countries to cut back on trade with China.

The announcement came after President Trump in April proposed a steep 46% tariff on Vietnamese imports; he later paused those tariffs while talks continued.

The S&P 500 hits another record as President Donald Trump announced a trade deal with Vietnam. Separately, his ‘big beautiful bill’ advanced in the Senate. Microsoft is laying off thousands and ADP’s private payroll report shows job cuts.