President Donald Trump signed a memorandum of understanding with Thailand on Oct. 26 to strengthen critical minerals supply chains.
The agreement aims to deepen cooperation between the two countries on supply chain development and promote investment in mineral resource exploration. The move comes as part of Trump's diplomatic tour through Asia, which includes stops in Malaysia, Japan and South Korea.
On the same day, Trump signed a similar memorandum with Malaysia.
The memorandum with Thailand outlines several areas of cooperation, including sharing information and technical expertise to increase Thailand's minerals sector and help secure global supply chains.
"Participants expect to have first opportunity to invest, in accordance with domestic laws, in critical minerals assets that may be sold in Thailand or by a company headquartered or incorporated in Thailand," the memorandum said.
Trump also signed a framework for a reciprocal trade agreement with Thailand that eliminates tariffs on 99% of US goods. The US will maintain the 19% tariff rate imposed on Thailand in August but will identify certain products to be exempted.
Thailand's top exports to the US include electrical machinery, plastics and articles of iron and steel.
Trump to increase tariffs on Canada by 10%
Separately, Trump said he would increase tariffs on Canada by an additional 10%, further escalating a trade dispute with the US largest trading partner. He made the announcement in an Oct. 25 Truth Social post, though he later told reporters he did not know when the measure would take effect.
"I don't know when it’s going to kick in. We'll see," Trump said Oct. 27.
Country-specific tariffs on Canada and Mexico have so far excluded products that comply with the US-Mexico-Canada trade agreement, which covers most raw metals. The White House did not clarify whether those exemptions would remain under Trump's new threat.
The new tariffs follow Trump's decision to call off trade negotiations after the Government of Ontario ran an anti-tariff ad featuring former President Ronald Reagan. Trump accused Canada of interfering with the upcoming Supreme Court tariff case.
"Canada was caught, red handed, putting up a fraudulent advertisement on Ronald Reagan's speech on Tariffs," Trump wrote.
"Because of their serious misrepresentation of the facts, and hostile act, I am increasing the Tariff on Canada by 10% over and above what they are paying now," he added.
Trump told reporters Oct. 25 he had no intention to meet with Canadian Prime Minister Mark Carney during his Asia trip, even though both leaders are scheduled to attend the Asia-Pacific Economic Cooperation summit in South Korea later this week.
Canada is a key US supplier of aluminum, steel, lithium, natural gas, timber, and other commodities.
Trump also signed trade agreements with Cambodia and Malaysia during the first half of his Asia tour. The US will retain the 19% tariff on both countries but certain products will be exempt.
The US Supreme Court is scheduled to hear arguments on the legality of Trump's country-specific tariffs on Nov. 5.
