The potential accord with the European Union, which would spare European goods the 50 percent tariffs Trump has threatened, is one of a few deals the White House could finalize this week.

“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.”

European Union negotiators have failed so far to achieve a breakthrough in trade negotiations with the Trump administration and may now seek to extend the status quo to avoid tariff hikes, five EU diplomats briefed on the talks said on Friday.