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.

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.

Vietnam finds itself caught between its two biggest trading partners as the Trump administration tries to stop Chinese exporters using Vietnam as a way station.