Meanwhile, President Trump on Wednesday said he had reached a trade deal with Vietnam, one week ahead of a July 9 deadline for tariffs to snap back to higher levels for US partner

Vietnamese goods will now face a 20 percent tariff, and any transshipments from third countries through Vietnam will face a 40 percent levy, Trump said, announcing the trade deal on Wednesday. Vietnam would accept US products with a zero percent tariff, he added.

The United States will place a lower-than-promised 20 per cent tariff on many Vietnamese exports, Donald Trump said on Wednesday, cooling tensions with its tenth-biggest trading partner days before the U.S. President could raise levies on most imports.