Trump will explain tariffs on electronics on Monday

The Treasury Department released a readout Thursday from Secretary Scott Bessent's meeting with Vietnam Deputy Prime Minister Ho Duc Phoc in which the two agreed to begin formal discussions on trade.

Bessent emphasized "the importance of continued engagement with trade partners, and the need for quick, demonstrable progress to resolve outstanding issues."

The Vietnamese government has not immediately issued a statement.

-ABC News' Michelle Stoddart and Hannah Demissie

Commerce Secretary Howard Lutnick said the administration has "so many countries to to talk to" on potential deals, though he didn't share details or specifics.

"I'm not sure we could ever have enough time in the day to talk to all these countries because they want to talk and they want to talk now," Lutnick said. "And they have come with offers that they never, ever, ever would have come with but for the moves that the president has made, demanding that people treat the United States with respect."

"We're getting the respect we deserve now. And I think you're going to see historic deals one after the other," Lutnick said.

A new estimate from Yale Budget Lab released Thursday said tariffs will cost households an average of $4,700 annually.

The researchers also said consumers face an overall average effective tariff rate of 25.3%, the highest since 1909.

-ABC News' Zunaira Zaki

Meeting with his Cabinet at the White House, Trump took a moment to defend his economic agenda after tariff confusion and changes.

"We think we're in very good shape. We think we're doing very well. Again there will be a transition cost, transition problems, but in the end it's going to be a beautiful thing," Trump said. "We're doing, again, what we should have done many years ago. We let it get out of control, and we allowed some countries to get very big and very rich at our expense. And I'm not going to let that happen."