The president expressed optimism that a deal between the U.S. and China was close. He stated, “China wants to make a deal, and we want to make a deal.” Treasury Secretary Scott Bessent echoed this sentiment on Sunday morning, confirming that both sides had agreed to a “framework” for the deal.
China had hoped to avoid new 100% tariffs scheduled to go into effect on November 1. Bessent thanked President Trump for the negotiating leverage that the threat of these tariffs provided. “President Trump gave me a great deal of negotiating leverage with the threat of the 100% tariffs, and I believe we’ve reached a very substantial framework that will avoid that and allow us to discuss many other things with the Chinese,” Bessent told NBC.
Chinese trade negotiator Li Chenggang told reporters that the sides had reached a “preliminary consensus.” Further progress is expected during Trump’s upcoming meeting with Chinese President Xi Jinping in South Korea on Thursday. Trump also expressed hopes to visit China and invited Xi to visit Washington or his Mar-a-Lago estate.
The new Chinese tariffs had been introduced in response to U.S. limitations on rare earth minerals imposed on China.
In addition to the developments with China, the U.S. also secured trade deals with several other nations during the Association of Southeast Asian Nations (ASEAN) summit in Kuala Lumpur. New agreements were signed with Thailand, Cambodia, and Malaysia.
President Trump attended a ceremony marking an expanded ceasefire agreement between Thailand and Cambodia. The two countries had recently fought a brief conflict lasting five days in July, which resulted in dozens of deaths and displaced hundreds of thousands of civilians. Taking credit for helping to end the conflict, Trump stated, “On behalf of the United States, I’m proud to help settle this conflict and forge a future for the region.”
Cambodian Prime Minister Hun Manet called the agreement a “historic day,” while Thai Prime Minister Anutin Charnvirakul described the new deal as laying “the building blocks for a lasting peace.” The trade deals with Thailand, Cambodia, and Malaysia included reductions in tariffs across the board.
President Trump had previously threatened to impose tariffs on Thailand and Cambodia if they failed to reach a peace deal. Notably, the deals with Malaysia and Thailand contained provisions related to critical minerals used in electronic devices, helping to reduce American reliance on Chinese rare earth minerals.
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Trump also continued to strengthen relations with other Asian countries during his appearance at ASEAN. The summit included nations such as Singapore, Indonesia, and Vietnam, among others. During his address, the president made a strong friendship appeal to the countries present:
“The United States is with you 100%, and we intend to be a strong partner and friend for many generations to come,” Trump said.
https://www.washingtonexaminer.com/news/world/3864332/trump-trade-deals-asia-trip-china-tariffs/
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