Reuters reports that the United States has signed agreements with Thailand, Malaysia, Cambodia, and Vietnam to reduce tariff barriers, boost exports, and provide access to rare-earth resources. Imports from these countries will be set at zero tariffs, while the United States will have priority access to partner markets.
Malaysia and Thailand will become major suppliers of key minerals. Kuala Lumpur has promised not to impose restrictions on US exports of rare earth minerals. Vietnam has pledged to reduce its trade surplus with the United States and increase purchases of American goods.
Thailand has agreed to eliminate tariffs on 99% of American imports and ease restrictions on US participation in the telecommunications sector. Vietnam, Malaysia, and Thailand have adopted American vehicle safety standards.
In addition, major contracts worth $18.8 billion were signed for the supply of corn, soybeans, oil, liquefied natural gas, and 80 American aircraft. The United States will also receive preferential terms for exporting pharmaceuticals, cosmetics, cocoa, and palm oil to Malaysia.
