Retail stocks with heavy exposure to Vietnam were rising Wednesday after President Donald Trump announced a trade deal with Vietnam that would lower tariffs on goods imported to the U.S. from there to 20% from the 46% announced back in April.

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

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.