The President of the United States, Donald Trump, stated this Monday (27) that Washington and Beijing are close to signing a trade agreement, on the eve of his meeting with Chinese leader Xi Jinping, scheduled for Thursday (30) in South Korea.
Speaking to journalists aboard Air Force One, en route to Japan, Trump said that “the parties will reach an agreement”, and indicated that an agreement on the future of TikTok in the country could be signed this week.
The declaration comes amid a series of commitments across Asia. Since Sunday, Trump has signed new trade and mineral agreements with Malaysia and Cambodia, as well as cooperation milestones with Thailand and Vietnam. The countries, members of the Association of Southeast Asian Nations (ASEAN), promised to reduce trade barriers, increase imports of agricultural and energy products from the US and cooperate on export controls and sanctions.
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According to the joint statements, the US will maintain 19% tariffs on most exports from Malaysia, Cambodia and Thailand, with specific exceptions, while Vietnam, which had a surplus of US$123 billion with the US in 2024, will continue to be subject to 20% tariffs. In return, the country committed to increasing purchases of American goods.
The American also had one, and an agreement between Brazil and the USA.
US Treasury Secretary Scott Bessent told CBS that the threat of 100% tariffs on Chinese products “is effectively off the table” after talks progressed. In an interview with ABC Newshe highlighted that the new understanding could benefit American soybean producers, harmed by the suspension of Chinese purchases since the start of the trade war.
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According to Bessent, Beijing should postpone the entry into force of its controls on rare earth exports by one year. Economists interviewed by the Asian press say that the two powers must make mutual concessions, including the resumption of Chinese purchases of soybeans and the maintenance of the tariff truce in force.
(with CNBC)
