On October 26, 2025, the United States and China reportedly reached a framework of a potential deal. Although details of the deal are limited and not yet finalized, the terms are said to include a final agreement on TikTok’s United States operations, as well as a deferral of China’s export controls on rare earth minerals, which are vital materials in products ranging from electric vehicles to aircraft engines and military equipment. All eyes now turn to South Korea where Presidents Trump and Xi are slated to meet on Thursday on the sidelines of the APEC summit where, President Trump has signaled, he intends to come away with a deal. Industry anxiously awaits word as the October 10 threat of 100% additional tariffs on Chinese goods seems to have receded in likelihood.
The United States also announced it signed separate memoranda of understanding with Malaysia and Thailand to cooperate on expanding and diversifying critical minerals supplies and supply chains. This follows the October 20 critical minerals framework of a deal with Australia aimed at securing the supply in the mining and processing of critical minerals and rare earths. Under that framework, the White House announced that the governments jointly intend to invest more than $3 billion in critical mineral projects in the next six months, with recoverable resources allegedly estimated to be worth $53 billion.
The White House also announced new trade agreements and frameworks for agreements with four southeast Asian countries. The White House provided details of the deals with Malaysia, Cambodia, Thailand, and Vietnam:
- Malaysia: The deal with Malaysia will open Malaysia’s market for U.S. exports. Malaysia will eliminate or reduce tariffs for nearly all U.S. exports and allow non-discriminatory or preferential market access for U.S. agricultural and industrial goods. Malaysia will also address non-tariff barriers to ensure that U.S. exports can access its market. For example, Malaysia will end its discriminatory practices for U.S. motor vehicles. Malaysia will also recognize U.S. regulatory oversight, ensuring that U.S. agricultural products can be exported to Malaysia without burdensome and duplicative regulatory requirements. Products of Malaysia entering the United States will be subject to 19% “reciprocal tariffs.” Malaysia also agreed to adopt and enforce measures aimed at stopping transshipments.
- Cambodia: The deal with Cambodia will provide U.S. exporters with unprecedented access to Cambodia’s market. Cambodia has agreed to eliminate all tariffs on U.S. goods, including food and agricultural products and industrial goods, meaning that U.S. exports to Cambodia will not face a duty. Cambodia has committed to treat U.S. exports fairly, including recognizing U.S. regulatory oversight to ensure that U.S. goods do not need to undergo burdensome additional testing requirements. Products of Cambodia entering the United States will be subject to 19% “reciprocal tariffs.” Cambodia also agreed to adopt and enforce measures aimed at stopping transshipments.
- Thailand: The United States and Thailand agreed to a framework for an agreement on reciprocal trade, which will address tariff and non-tariff barriers for agricultural products and industrial goods. Under that framework, Thailand would eliminate tariff barriers on approximately 99% of goods, covering a full range of U.S. industrial and food and agricultural products. Products of Thailand entering the United States will be subject to 19% “reciprocal tariffs.” Provisions related to rules of origin and transshipment appear to be the subject of ongoing discussions as the countries progress towards a final agreement.
- Vietnam: The United States and Vietnam agreed to a framework for an agreement on reciprocal, fair, and balanced trade, which will address tariff and on-tariff barriers for U.S. agricultural products and industrial goods. Under that framework, Vietnam would provide preferential market access for substantially all U.S. industrial and agricultural exports to Vietnam. Products of Vietnam entering the United States will be subject to 20% “reciprocal tariffs.” Provisions related to rules of origin and transshipment appear to be the subject of ongoing discussions as the countries progress towards a final agreement.
