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(Bloomberg) — President Donald Trump will look to sign economic agreements and critical minerals deals with trading partners during his trip to Asia, according to senior US officials, as the administration moves to ramp up pressure on China ahead of a crucial meeting with Xi Jinping.
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Trump will look for deals that will help unlock the region’s resources to create more reliable supply chains for industries, contribute to global growth and secure more investments in the US, according to officials who briefed reporters Friday before the president’s departure. The officials did not offer specifics on what the deals the president is seeking may entail.
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The trip will feature stops in Malaysia for the Association of Southeast Asian Nations summit, Japan and then South Korea for the Asia-Pacific Economic Cooperation summit, capped by a face-to-face meeting between Trump and Xi — an opportunity for the leaders of the world’s two largest economies to resolve simmering disputes over tariffs and export controls.
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Malaysia is in discussion for a potential critical minerals deal with the US, Investment, Trade and Industry Minister Zafrul Aziz said on Saturday.
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“It is a possibility,” Zafrul said when asked by Bloomberg Television’s Haslinda Amin if Malaysia will be inking a deal with Trump when he signs a trade agreement with Malaysia on Sunday.
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The flow of rare earth minerals, which are critical to a number of key sectors including technology, defense, and energy, will be central to those discussions. China has unveiled tighter export controls on rare earths and other critical minerals in a new round of tit-for-tat trade restrictions between Washington and Beijing. China’s grip on the supply chain for those metals has been a key point of leverage for Xi in the trade fight.
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Trump, in turn, has threatened to impose an additional 100% tariff on Chinese products by Nov. 1 if Beijing does not pull back those restrictions.
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He has also moved to secure alternate sources for the mining and processing critical minerals to protect American industries. Earlier this week, Trump signed a landmark pact with Australian Prime Minister Anthony Albanese to boost US access to critical minerals, a pipeline the visiting leader valued at $8.5 billion.
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Ahead of the Xi meeting, Trump has also looked to ramp up his own negotiating position. Earlier Friday, the Trump administration announced it was launching an investigation into whether China had complied with the terms of a limited trade pact from the US president’s first term, opening the door to even more tariffs on Beijing.
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In addition to rare earths, Trump is also seeking to convince Xi to resume Chinese purchases of American soybeans, crack down on fentanyl trafficking and potentially apply pressure on Russian President Vladimir Putin to end the war in Ukraine. Also on the table is a current tariff understanding set to end in November that the leaders can extend.
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Trump is also expected to hold bilateral meetings with Japanese Prime Minister Sanae Takaichi and South Korean President Lee Jae Myung on his trip, with Seoul in particular looking to finalize a trade and investment pact with Washington to lower tariffs.
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—With assistance from Netty Ismail, Kok Leong Chan and Anisah Shukry.
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(Updates with comments by Malaysian minister about a possible deal in fourth, fifth paragraphs.)
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