Trade Update: Key Announcements Related Malaysia, Vietnam, Cambodia, Thailand, and Canada

The White House announced that reciprocal trade agreements were reached with the governments of Malaysia, Vietnam, Cambodia, and Thailand, in which the countries will respectively end import tariffs on U.S. goods.

Malaysia: A reciprocal trade agreement has been reached between President Trump and Malaysia Prime Minister Anwar Ibrahim during a visit to Kuala Lumpur. In the deal, there is no change to the 19% IEEPA reciprocal tariff for Malaysia.

Vietnam: A reciprocal trade agreement has been reached with Vietnam. Under this agreement, the U.S. will maintain the 20% reciprocal tariffs on Vietnam products, as outlined in the April 2 Executive Order 14257.

Cambodia: A reciprocal trade agreement was reached with Cambodia in which the country agreed to eliminate all tariffs on U.S. goods. The U.S. will maintain the 19% reciprocal tariffs for Cambodia goods, as set forth in the April 2 Executive Order 14257.

Thailand: In addition, the Trump administration announced that it has reached a framework with Thailand for an agreement on reciprocal trade, which will address tariff and non-tariff barriers for agricultural products and industrial goods. The U.S., however, will maintain the 19% reciprocal tariffs on Thailand products, as set forth in the April 2 Executive Order 14257.

Canada: Finally, Trump said on Saturday he was increasing tariffs on Canada by an additional 10% "above what they're paying now," as he reacted again to an ad by Canada's Ontario province, a day after it was aired during the World Series broadcast.

More details are expected to be announced by the Trump administration following the signing of these reciprocal trade agreements.