👀 Ones to watch: The MOST undervalued stocks to buy right nowSee Undervalued Stocks

Trump vaunts trade progress, red carpets on 'fruitful' Asia trip

Published 11/13/2017, 04:36 AM
© Reuters. A newspaper shows a picture of Cambodia's Prime Minister Hun Sen, who shakes hands with U.S. President Trump during a gala dinner at the ongoing ASEAN Summit in Manila, in Phnom Penh

MANILA (Reuters) - U.S. President Donald Trump said on Monday he had made significant progress on trade issues during a fruitful trip across Asia that saw governments roll out red carpets "like nobody has ever seen".

"We've made some very big steps with respect to trade, far bigger than anything you know," Trump told reporters in Manila on the sidelines of a summit with leaders of Southeast Asian and East Asian nations.

He did not give details of his achievements on trade matters during a tour that took him to Japan, South Korea, China and Vietnam before his last leg in the Philippines capital.

He said a statement would be issued from the White House on Wednesday about North Korea, and on trade, key issues of a trip he described as fruitful.

"It was red carpet like nobody, I think, has probably ever seen," he said.

In Vietnam at the weekend, Trump and leaders of Pacific Rim nations agreed to address "unfair trade practices" and "market- distorting subsidies", a statement that bore the imprint of Trump's efforts to reshape the global trade landscape.

His "America First" vision has upset a traditional consensus favoring multinational trade pacts that China now champions. On the sidelines of the Vietnam meeting, 11 countries kept alive a Trans Pacific trade deal whose future was thrown into doubt when Trump withdrew from it in the name of protecting American jobs.

Chinese President Xi Jinping told the summit in Vietnam that Asia-Pacific nations must "uphold multilateralism", countering Trump's message that the United States would stay out of trade deals that surrender its sovereignty.

© Reuters. A newspaper shows a picture of Cambodia's Prime Minister Hun Sen, who shakes hands with U.S. President Trump during a gala dinner at the ongoing ASEAN Summit in Manila, in Phnom Penh

Trump, by contrast, blasted the World Trade Organization and multilateral trade deals during his tour. Some analysts expect tougher U.S. action may be imminent to fight trade imbalances with China exacerbated by its state-led economic model.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.