Shoes, electronics and clothing are just some of the goods that could get more expensive under the trade agreement President Donald Trump announced with Vietnam on Wednesday.

“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 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.