(Reuters) -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.

Earlier in the day, President Trump announced a deal between the U.S. and Vietnam which includes a 20% tariff on imported goods from the Southeast Asian nation, and a 40% tariff on transshipments, a practice China employs to sidestep U.S. trade policies.