Some in the retail industry are relieved that tariffs on Vietnamese imports could be 20% instead of a previously proposed 46%, but the duties are expected to lead to higher prices, which could chill consumer spending.

SINGAPORE—A tariff agreement with Vietnam emphasizes one of the White House’s top priorities in this frantic round of dealmaking over global trade: Slamming shut any back door routes for Chinese goods to enter the U.

The Trump administration’s new trade deal with Vietnam aims to shut down any “backdoor” routes that allow Chinese goods to