Kuala Lumpur [Malaysia], October 26 (ANI): The United States on Sunday signed reciprocal trade agreements with Cambodia and Malaysia, and a framework agreement with Thailand and Vietnam during the ASEAN Summit in Kuala Lumpur.
US President Donald Trump and Malaysian Prime Minister Anwar Ibrahim also oversaw the signing of a peace accord between Phnom Penh and Bangkok.
“Alongside this peace treaty, we also are signing a major trade deal with Cambodia and a very important critical minerals agreement with Thailand,” Trump said.
“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,” US 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. We’ve already seen a great outcome today. We signed two full trade deals with Malaysia and Cambodia, two agreements in principle with Thailand and Vietnam, made critical minerals deals, and achieved a peace deal between Thailand and Cambodia,” Greer told Fox News.
A framework for reciprocal trade between the US and Thailand would see the United States maintain a 19 percent tariff on Thai products while identifying goods where tariffs could potentially be adjusted or cut to zero. Thailand would, in turn, eliminate tariff barriers on approximately 99 percent of goods, covering a wide range of US industrial and agricultural products, the two countries said in a joint statement issued by the White House.
Thai Prime Minister Anutin Charnvirakul, in a joint statement on the framework for the US-Thailand agreement on reciprocal trade, said the agreement aims to conclude tariff negotiations by the end of 2025. Thailand is also committed to addressing barriers to US exports, including the acceptance of US-made vehicles, the joint statement said.
The governments also signed a memorandum of understanding on critical minerals cooperation, “which will further promote resilient and sustainable supply chains for years to come,” Charnvirakul said.
US President Donald Trump announced that the trade deals will provide Americans with unprecedented levels of market access. The United States currently runs its 11th largest goods trade deficit with Thailand. The total US goods trade deficit was $45 billion in 2024.
The United States and Cambodia reached an Agreement on Reciprocal Trade, a legally binding pact that will provide American exporters with access to Cambodia’s market while bolstering US national and economic security, the White House said. This landmark agreement expands Americans’ market access, with Cambodia eliminating tariffs on 100 percent of US industrial and agricultural goods and simplifying export processes through regulatory recognition.
The United States currently runs its 18th largest goods deficit with Cambodia, totaling $12.3 billion in 2024.
Under the US-Malaysia Reciprocal Trade Agreement, Washington committed to maintain a 19 percent tariff rate on exports to the US, with zero tariffs on key products such as semiconductors and pharmaceuticals — which make up the bulk of Malaysia’s exports to America. In exchange, Malaysia agreed to refrain from imposing quotas on exports to the US of critical minerals or rare earths.
The United States currently runs its 14th largest goods trade deficit with Malaysia, with total trade amounting to $24.9 billion in 2024.
The US and Vietnam agreed to a Framework for an Agreement on Reciprocal, Fair, and Balanced Trade, which will provide American exporters with greater access to Vietnam’s market while strengthening US national and economic security, the White House said.
The Trump administration in July announced a 20 percent base tariff on Vietnam, down from the initial 46 percent. Under the framework deal, Vietnam will provide preferential market access for US exports by removing tariffs on nearly all goods, including food and agricultural products. This move is expected to create commercially meaningful opportunities for a wide range of US exports and support high-quality American jobs.
The United States will maintain the 20 percent reciprocal tariff rate for imports from Vietnam and identify products from the list set out in Annex III to Executive Order 14346 of September 5, 2025, “Potential Tariff Adjustments for Aligned Partners,” to receive a zero percent reciprocal tariff rate, the joint statement said.
Under the agreement, Vietnam Airlines has agreed to purchase 50 aircraft from Boeing, worth more than USD 8 billion, according to Vietnam News. Vietnamese companies have also signed 20 memorandums of understanding with US firms to purchase agricultural commodities valued at over USD 2.9 billion.
The United States currently runs its third-largest goods trade deficit with Vietnam, totaling USD 123.5 billion in 2024. (ANI)
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