Around Asia in 5 days: How successful was Trump's big tour?

United States President Donald Trump concluded his extensive tour of Asia this week, marking his most ambitious diplomatic push in the region since returning to office.

Spanning Malaysia, Japan and South Korea, the high-stakes trip aimed to secure new trade frameworks, strengthen energy and defence partnerships, and recalibrate relations with Beijing.

The visit, which culminated in a closely watched meeting with Chinese President Xi Jinping in Busan, South Korea, produced a series of agreements that the White House has touted as significant progress on trade, narcotics control, and rare earth exports.

However, the broader reaction across Asian capitals and markets was tempered.

Trump’s deals with China in Busan

The centrepiece of Trump’s Asia tour was his face-to-face meeting with Chinese President Xi Jinping in Busan — their first since 2019.

Trump announced that he and Xi had reached a deal to reduce US tariffs on Chinese imports in exchange for concrete steps from Beijing to combat the trafficking of fentanyl, a synthetic opioid that has fuelled a deadly addiction crisis in the United States.

He told reporters aboard Air Force One that the meeting was “an amazing meeting,” rating it “12 out of 10.”

Under the arrangement, Washington agreed to bring overall tariffs on Chinese goods down from 57 per cent to 47 per cent, while the specific levy on fentanyl-related precursor chemicals would be halved to 10 per cent.

In return, China pledged to increase enforcement against illegal fentanyl producers and traffickers and to restart large-scale purchases of American soybeans.

“Xi will work very hard to stop the flow,” Trump said, adding that he believed China was “really taking strong action.”

Beijing also committed to suspend recently announced export restrictions on rare earth elements for one year.

These materials are indispensable for modern industries — from automobiles and aircraft to advanced weapons systems — and China’s dominance in their production has been one of its key levers in trade negotiations.

A statement from China’s commerce ministry confirmed that both sides had reached consensus on “fentanyl cooperation and expanding agricultural trade.”

While the agreement represented a tangible thaw in relations, the immediate market response was subdued.

Major stock indexes in Asia and Europe fluctuated throughout the day, with China’s Shanghai Composite Index slipping from a decade-high peak. US soybean futures also weakened.

The talks, which lasted over 90 minutes, took place on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit.

They followed a preliminary framework negotiated earlier by both sides to avert a threatened 100 per cent tariff on Chinese goods and a possible Chinese ban on rare earth exports.

At the start of the meeting, Xi stated that frictions between major powers were natural, remarking through a translator that “China’s development and rejuvenation are not incompatible with President Trump’s goal of ‘Making America Great Again.’”

For Beijing, the discussions also offered an opportunity to seek US flexibility on several other fronts.

Chinese negotiators pressed for easing US export restrictions on high-end technologies and reconsidering newly introduced port fees on Chinese shipping, which Washington had imposed to counter China’s dominance in global logistics and shipbuilding.

Trump, while avoiding specifics on these demands, announced that China would immediately resume “tremendous amounts” of US agricultural imports. Reports earlier in the week had already indicated that China had quietly purchased new cargoes of American soybeans — the first in months.

Trump confirmed that there had been no discussion of Taiwan during the meeting, nor of Nvidia’s advanced Blackwell AI chip, despite prior speculation. “That was a matter for the company to resolve,” he said.

In a striking move just before the Busan talks began, Trump ordered the resumption of US nuclear weapons testing, ending a 33-year moratorium.

The decision drew immediate concern from Beijing, with China’s foreign ministry expressing hope that Washington would “stick by” the global test ban framework.

Trump has already indicated that this is only the beginning of renewed engagement.

The White House confirmed plans for a follow-up visit to China in April next year, after which Xi is expected to travel to the United States after that.

Trump’s deals with South Korea in Gyeongju

Trump’s penultimate stop before departing, was Gyeongju, where he met with South Korean President Lee Jae Myung to finalise an updated trade agreement and announce a groundbreaking defence initiative.

After extensive talks, Trump revealed that Washington had approved South Korea’s long-sought request to construct a nuclear-powered submarine, effectively admitting Seoul into an exclusive group of nations operating such vessels.

“The submarine will be built in a Philadelphia shipyard, where South Korean firms have increased investment,” Trump posted on social media.

In addition to defence cooperation, the US and South Korea reached agreements on energy supply.

Trump said Seoul had committed to purchasing “vast quantities of US oil and gas.” Lee had also sought US permission for the reprocessing of nuclear fuel — a matter that remains under review.

The broader US-South Korea trade package was portrayed as a comprehensive realignment of economic and security cooperation. It followed Trump’s stated objective of expanding America’s energy exports while reinforcing the alliance’s deterrent capabilities.

Trump’s deals with Japan in Tokyo

In Tokyo (Trump’s second nation on his Asia tour), Trump’s discussions with Prime Minister Sanae Takaichi, Japan’s first female leader, produced a landmark framework on nuclear energy and critical minerals.

Signed at the ornate Akasaka Palace, the agreement underscored both nations’ shared interest in reducing dependence on China for essential materials and reviving Japan’s long-stalled nuclear industry.

Under the arrangement, Washington and Tokyo will cooperate on next-generation nuclear reactors, including the AP1000 and small modular reactors (SMRs).

The initiative will likely involve leading Japanese firms such as Mitsubishi Heavy Industries and Toshiba Group, alongside US companies engaged in advanced reactor technologies.

The deal also included joint efforts to secure stable supplies of rare earth elements, essential for manufacturing electronics, defence systems, and renewable energy components.

A factsheet released by both governments highlighted mutual goals of ensuring energy security, lowering power costs, and expanding export capabilities.

Japan’s renewed focus on nuclear energy marks a significant policy shift following the 2011 Fukushima Daiichi disaster, which led to the suspension of the nation’s entire reactor fleet.

Takaichi, who has made nuclear energy a central part of her administration’s agenda, views this partnership as key to Japan’s economic revival and technological competitiveness.

A separate White House statement also identified fusion energy as an area for collaboration. Roughly 20 companies from both countries have already expressed interest in investment projects tied to the $550-billion joint initiative, aimed at diversifying energy sources and supporting industrial innovation.

Trump’s deals with Southeast Asia in Malaysia

Trump’s engagement with Southeast Asia was equally headline-making, though the details revealed a patchwork of ambitious promises and lingering uncertainties.

Landing from Washington DC in Kuala Lumpur, he attended the 47th Summit of the Association of Southeast Asian Nations (Asean), where he announced new trade agreements with Malaysia and Cambodia, as well as initial frameworks with Thailand and Vietnam.

The White House hailed the developments as “historic,” portraying them as evidence of America’s growing economic outreach in the Indo-Pacific.

The deals offered US exporters improved access to key Southeast Asian markets while requiring the partner countries to purchase billions of dollars’ worth of American products. However, the actual benefits for the Southeast Asian economies appeared more modest.

Malaysia and Cambodia secured limited exemptions from the steep tariffs imposed by the United States since Trump’s first term.

The tariff rates for other partners, including Thailand and Vietnam, remained at roughly 19 per cent to 20 per cent. Cambodia and Malaysia’s exemptions were confined to specific categories, such as agricultural and consumer goods.

In total, the agreements committed Southeast Asian nations to purchase nearly $150 billion worth of US goods, including semiconductors, aerospace components, and data centre equipment.

Malaysia’s Trade Minister Zafrul Aziz said that the pact “offers better access to US markets, exemptions for Malaysian palm oil, cocoa and pharmaceuticals.”

Prime Minister Anwar Ibrahim added that Washington appeared open to further negotiation on semiconductor tariffs — a crucial issue for Malaysia’s export sector.

Still, questions remained over how the United States would define and enforce its 40 per cent tariff on “transshipped” goods — items rerouted through third countries to evade tariffs on Chinese exports.

This ambiguity created unease across the region’s tightly interlinked manufacturing networks. “The issue hasn’t been resolved,” Zafrul acknowledged, noting that Malaysia continued to seek clarity on how the US would classify such shipments.

Cambodia’s Deputy Prime Minister Sun Chanthol welcomed the deal but hoped for additional concessions. “The country was ‘pleased’ with the deal but still hoped for exemptions on garments and footwear,” he said, referring to sectors that constitute half of Cambodia’s total exports.

Thailand’s Commerce Minister Suphajee Suthumpun described the newly signed framework as non-binding, stating that detailed negotiations would continue through the end of the year.

The Asean bloc, now collectively exporting more goods to the United States than China, viewed the US overture as strategically significant — even if the concrete gains were unevenly distributed.

The Kuala Lumpur summit also witnessed a ceasefire agreement between Thailand and Cambodia, with Trump personally presiding over the signing.

On the sidelines, Asean leaders met with the US delegation to discuss tariff disparities, ranging from 10 per cent for Singapore to 40 per cent for Myanmar and Laos.

Malaysia, Thailand, and Vietnam additionally committed to major US agricultural and energy purchases and offered policy concessions on digital trade.

Kuala Lumpur pledged an extra $70 billion in capital investment in the United States, while separate memorandums were signed to facilitate cooperation on supply chains for rare earths, nickel, and cobalt — all critical minerals for clean energy technologies.

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With inputs from agencies