TOKYO – US President Donald Trump’s trip to Asia which begins on Oct 26 carries significant economic stakes for countries around the region, with multiple tariff deals still pending and a trade dispute simmering between Washington and Beijing.

Mr Trump will visit Malaysia from Oct 26 to 27 for the Association of South-east Asian Nations summit. He will then travel to Japan before attending the Asia-Pacific Economic Cooperation summit in South Korea starting Oct 29.

Here follows some of the key issues:

Malaysia: Agreement on track

Malaysia is expected to finalise a trade deal with Washington during Mr Trump’s visit to Kuala Lumpur, with negotiations

, according to Malaysian Prime Minister Anwar Ibrahim.

The governments will also sign “initial agreements” to strengthen trade and investment, he said.

“Semiconductors, AI, digital and energy are all covered,” he added.

Malaysia has been hit by US tariffs of 19 per cent on its exports, and Mr Trump is considering imposing additional tariffs on imported chips. Malaysia is the world’s sixth-largest exporter of semiconductors, which make up 40 per cent of its exports.

China: Rare earths on the agenda at Xi-Trump meeting?

Chinese Vice-Premier He Lifeng will travel to Malaysia

with US Treasury Secretary Scott Bessent before an anticipated meeting between Mr Trump and Chinese President Xi Jinping in South Korea.

Mr Trump said on Oct 22 he hopes to

with Mr Xi, after US-China trade tensions recently escalated.

Beijing announced it would strengthen its controls on the export of rare earth elements, essential manufacturing materials over which it holds a near-monopoly. In response, Mr Trump threatened huge additional tariffs.

Japan: Takaichi’s challenges

Japan’s new Prime Minister Sanae Takaichi will host Mr Trump in Tokyo.

In exchange for an agreement concluded in July that lowered US-imposed tariffs on Japan, Washington is demanding US$550 billion (S$714 billion) worth of Japanese investments in the United States.

However, Tokyo has promised only 1 to 2 per cent of that would come in the form of direct investments, with the rest made of loans and guarantees, a point of difference that could come up in the talks between the leaders.

Another key topic would likely be Washington’s demands that Tokyo stops importing liquefied natural gas from Russia, Japan’s third-largest supplier.

Japan is also facing high tariff rates on key exports. Although Mr Trump has reduced tariffs on Japanese cars to 15 per cent, this rate is still considered too high by manufacturers, while 50 per cent tariffs remain on Japanese steel.

South Korea: Progress toward an agreement

As Seoul struggles to reach a trade agreement with Washington, Mr Bessent said last week that an agreement was nearing completion.

The South Korean Chief Presidential Secretary for Policy Kim Yong-beom has said that both parties have made significant progress, though the details of the deal still need to be settled.

In July, Mr Trump announced he agreed to reduce tariffs on South Korean products to 15 per cent in exchange for a commitment from Seoul for Korean investment of US$350 billion in the US.

However, the terms of these investments are still being hotly debated and tariffs on cars remain. The arrest of hundreds of South Korean workers by US immigration authorities has also strained relations.

Indonesia: Awaiting clarification

Jakarta and Washington struck a preliminary tariff agreement in July that reduced US tariffs on Indonesian goods to 19 per cent in exchange for significant investment and Indonesia pledging to acquire 50 Boeing aircraft, according to Mr Trump.

Indonesia’s Chief Economic Minister Airlangga Hartarto, who previously signalled a December deadline for the details of the reciprocal tariff agreement, said on Oct 20 the negotiation had been “temporarily halted” due to the US government shutdown.

Vietnam: Furniture exports under pressure

Vietnam reached an agreement with Washington in July to reduce tariffs on the country’s exports to 20 per cent, but Vietnam still faces a large impact from sector-specific duties.

In mid-October, Washington

on imports of furniture, which accounts for 10 per cent of Vietnam’s exports to the US.

Hanoi has said it wishes to advance “the negotiation process for the trade deal on the basis of fairness, equality and mutual benefit”.

India: Hope for reconciliation

Indian Prime Minister Narendra Modi is scheduled to participate in the Asean summit

, and New Delhi is yet to reach a formal trade agreement with the Trump administration.

The relationship between the two countries deteriorated in August when Washington raised tariffs on Indian exports to 50 per cent, but the two leaders have since adopted a more conciliatory tone. AFP