President Trump’s Quick Asia Trade Tour

 

By

Dr. Somita Chakraborty


In the last week, US President Trump was in a whirlwind Asia tour. The tour included attending ASEAN Summits held in Malaysia, a visit to Japan and a visit to South Korea to attend APEC Summit. During this short Asia tour, President Trump secured a number of trade deals with various countries and also signed framework for trade deals with several other countries. Let’s check outcomes of President Trump’s whirlwind Asia trade tour.

In his one-day visit to Malaysia, President Trump signed Agreements on Reciprocal Trade with Malaysia and Cambodia. The US also announced framework for Trade negotiations with Thailand and Vietnam.

The US-Malaysia trade deal will open up Malaysian market for US exports, for that, Malaysia will eliminate or reduce tariffs on nearly all US products, allow non-discriminatory or preferential market access for US agricultural and industrial goods, will address a range of non-tariff barriers to ensure market access of US exporters.

Elevating their bilateral relationship to Comprehensive Strategic Partnership, the US signed a separate deal with Malaysia and the later agreed to purchase US fossil fuel, telecommunication products, Boeing aircrafts, semiconductors, aerospace components etc. The US and Malaysia also signed a MOU on exploration, extraction, refinement, manufacturing, recovery and recycling of critical minerals.

Removing arms embargo on Cambodia, the US signed a trade deal with Cambodia, which will allow the US exporters ‘unprecedented’ access to Cambodia’s market, for that, Cambodia agreed to eliminate all tariffs on US goods. Like Malaysia, Cambodia also recognized US regulatory oversight to avoid further regulatory requirements.

The US also announced a framework for agreement on reciprocal trade with Thailand and Vietnam. Both the framework will help US goods to access Thai and Vietnam market with unprecedented preferences. President Trump also signed a MOU with Thailand to diversify critical mineral supply chain.

In his next stop, in Japan, he finalized Japan’s commitment to invest $550 billion dollar to the US. Japan will invest in critical energy, AI infrastructure, electronics and supply chains, critical minerals, manufacturing and logistics etc. Japan also agreed to purchase US energy. Strengthening Japan’s defence capability the US committed to deliver Advanced Medium Range Air-to-Air Missiles for Japan’s F-35 fighter jets. Both the countries also signed agreements in the field of science and technology.

In South Korea, President Trump finalized lump sum trade deal. The Korean Air agreed to purchase 103 new Boeing aircraft and GE Aerospace engines, the ROK Air Force signed $2.3 billion deal with the US. Both the countries also signed to launch a US-based vertically integrated rare earth separation, refining and magnet production complex focused on high-value mobility magnets. The US also secured a lump sum investment and commitment to purchase US energy from Korea. Both the countries also signed several other deals in the field of technology and maritime sector.

However, in his quick Asia trade tour, President Trump strikes the most important deal with China. After discussion between President Trump and President Xi Jinping, China agreed to eliminate proposed export controls on rare earth elements and other critical minerals. China also agreed to buy US soybeans and other agriculture exports.

For detail

Fact Sheet: President Donald J. Trump Secures Peace and Prosperity in Malaysia

Fact Sheet: President Donald J. Trump Drives Forward Billions in Investments from Japan

Fact Sheet: President Donald J. Trump Brings Home More Billion Dollar Deals During State Visit to the Republic of Korea

Fact Sheet: President Donald J. Trump Strikes Deal on Economic and Trade Relations with China


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