China calls to ‘safeguard stability, multilateralism’ at ASEAN summit following Trump's appearance

Trump is scheduled to meet Chinese President Xi Jinping this week in South Korea, which is the next stop of his ongoing Asia tour  

News Desk - The Cradle 

China’s Prime Minister Li Qiang called on regional countries to “oppose all forms of protectionism” at an Association of Southeast Asian Nations (ASEAN) summit in Malaysia on 27 October, referring to aggressive US economic policies and tariffs. 

His comments came one day after US President Donald Trump made an appearance at the summit, holding meetings that resulted in agreements with several Southeast Asian countries. 

“We must fully safeguard the hard-earned peace and stability in East Asia,” the Chinese premier said on Monday. 

He also urged countries of the bloc to “uphold free trade and the multilateral trading system, oppose all forms of protectionism, and continuously advance regional economic integration.”

“China is willing to strengthen the alignment of development strategies with various parties, uphold openness and cooperation, and continuously unleash economic potential to explore broader development space,” he added.

“East Asia has been one of the fastest-growing regions in the world, creating one economic miracle after another – achievements that continue to inspire and fill us with pride … the East Asian Miracle is not a story of the past, but one that continues to unfold,” Li went on to say. 

At the summit a day earlier, Trump signed an expanded version of the US-brokered truce between Cambodia and Thailand earlier this year. Trade and framework agreements were signed with four other states, including Malaysia and Vietnam. 

Malaysia has secured tariff exemptions on some of its main exports in its deal with the US. 

However, Malaysia, Vietnam, Cambodia, and Thailand have all agreed to reduce non-tariff barriers to US trade. Cambodia and Thailand have also agreed to remove tariffs on 100 percent and 99 percent of US imports. 

Three out of the four countries have agreed to buy billions-worth of US agricultural exports and aircraft. As part of its agreement, Kuala Lumpur promised a $70-billion investment in the US.

It remains unclear if Trump will act on earlier threats to impose 100 percent tariffs on semiconductors, as well as a 40 percent tariff on Chinese exports routed via third countries. 

The meetings also did not touch on industry-specific tariffs imposed on cars, aluminum, steel, and pharmaceutical products.

The deals with Malaysia, Thailand, and Cambodia all include the same US tariff rates announced previously by Washington – 19 or 20 percent. In April, Trump had threatened Southeast Asia with much higher tariffs before eventually scaling back. 

According to last month’s UN Development Program (UNDP) report, Southeast Asia faces a significant threat from US tariffs – potentially a nearly 10 percent drop in exports to the US. 

A September report by Foreign Policy claimed that Southeast Asian nations are “now preparing for a trading future that does not rely on the US.” The bloc has recently expanded agreements with several countries, including Canada, China, and South Korea.

The ASEAN summit in Kuala Lumpur comes as China is facing expanded US tariffs, threatening to reignite a trade war between Washington and Beijing. 

Trump is currently on a visit to Japan as part of his tour. He is due in South Korea next, where he will meet Chinese President Xi Jinping.