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

Against a ticking clock, President Donald Trump said Wednesday the United States has reached a trade agreement with Vietnam, pulling off the administration’s third significant deal ahead of a self-imposed July 9 deadline.

The president said he had agreed to initial trade terms with Vietnam, the second country to strike a limited deal after Mr. Trump threatened steep tariffs.