Retail stocks with significant exposure to Vietnamese manufacturing climbed on Wednesday, according to Barron's. The gains followed Trump’s announcement of a new trade deal, which lowers tariffs on goods from Vietnam to 20%,

Shares of Nike and other apparel makers rose on Wednesday after U.S. President Donald Trump said he had struck a trade deal with Vietnam that would impose a lower than initially expected tariff rate on many imports from the Southeast Asian country.

Under the new deal, US goods into Vietnam will not be taxed while Vietnamese exports will face a 20 per cent US tariff.