Vietnam’s leadership was caught off guard by US President Donald Trump’s announcement last week that it agreed to a 20% tariff, and the Southeast Asian nation is still seeking to lower the rate, according to people familiar with the matter.

During Trump's first term, China retaliated against U.S. tariffs by buying smaller amounts U.S. soybeans. Brazil filled the hole and now supplies most of China's soybean demand, leaving American farmers with too much product and not enough buyers.

Vietnam, taken unaware by President Donald Trump's announcement last week that the two countries came to a trade agreement including a 20% tariff, is still negotiating to bring the rate down, according to a media report.