Trump signs trade, critical mineral agreements with Asian countries

President Trump on Sunday signed a flurry of trade agreements and deals outlining cooperation on critical minerals with key Asian partners as he kicked off his trip to Asia.

Trump arrived in Malaysia, where he is attending the Association of Southeast Asian Nations (ASEAN) Summit and oversaw a peace agreement signing between Cambodia and Thailand. Following that signing, Trump inked trade agreements with Cambodia, Thailand and Malaysia.

As part of the agreements, the U.S. would leave in place a 19 percent tariff on imports from all three countries. Cambodia said it would drop tariff barriers on all U.S. goods, while a memorandum of understanding with Thailand said the country would eliminate tariff barriers on 99 percent of American products.

The agreements call for all three countries to work toward eliminating “non-tariff barriers.”

“These landmark deals demonstrate that America can maintain tariffs to shrink the goods trade deficit while opening new markets for American farmers, ranchers, workers, and manufacturers,” U.S. Trade Representative Jamieson Greer said in a statement. “I thank my counterparts from Malaysia, Cambodia, Thailand, and Vietnam for their collaboration and commitment in achieving a more balanced trade relationship with the United States.”

In addition to the trade deals, the U.S. signed agreements with all three countries outlining cooperation on the processing and exports of critical minerals, which are used in electronics and day-to-day products. Access to critical minerals has re-entered the spotlight after China earlier this month said it was tightening control on exports of the materials.

Malaysia agreed not to impose quotas on exports of critical minerals to the U.S. as part of their agreement.

Trade deals are expected to be a major component of Trump’s week-long trip to Asia. The president spoke Sunday while in Malaysia with the president of Brazil about tariffs and trade. He is expected to discuss the issue with the prime minister of Japan and with leaders from South Korea. 

And trade will be at the center of a meeting later in the week between Trump and Chinese President Xi Jinping on the sidelines of the Asia-Pacific Economic Cooperation Forum.