Southeast Asian countries strike trade deals with U.S.

Summary

Podcast Summary: Marketplace Morning Report

Episode: Southeast Asian countries strike trade deals with U.S.
Date: October 27, 2025
Host: William Lee Adams (BBC World Service for Marketplace)

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Episode Overview

This episode provides a concise update on the latest global economic and business news, focusing primarily on the recent trade deals between Southeast Asian countries and the United States under President Trump, and what those deals signal for future negotiations. It also includes updates on Asian stock markets, Argentina’s political shift, and preparations for the 2026 FIFA World Cup in North America.

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Key Discussion Points & Insights

1. ASEAN-U.S. Trade Deals at Kuala Lumpur Summit

(01:01–03:43)

• Backdrop: The Association of Southeast Asian Nations (ASEAN) summit in Malaysia saw multiple member countries, including Thailand, Cambodia, Vietnam, and Malaysia, strike fresh trade deals with the U.S. President Trump is now continuing talks in Japan.

• Malaysia’s Position: Trade expert Deborah Elms explains Malaysia’s expectations and outcomes from the negotiations.

  • Tariff Clarity: Malaysia secured confirmation of a 19% tariff, but did not achieve its goals on sectors like semiconductors and pharmaceuticals.
  • Quote: “Malaysia had hoped to have more clarity around the tariff policies...they didn't get what they wanted on semiconductors, pharmaceuticals and other cases going forward.”
    — Deborah Elms (01:49)

• Blueprint for U.S. Negotiations:

  • The U.S. may use its deal with Malaysia as a model for other countries, but success will vary as each country’s economic priorities and ties differ.
  • Restrictions in the agreement could hinder Malaysia’s future deals with entities like the European Union.

• U.S. Perspective: The Trump administration largely achieved its policy aims in these deals.

  • Quote: “They were able to basically get Malaysia to do...almost everything that they wanted, including follow US Policy.”
    — Deborah Elms (02:46)

• Risks for Other Countries:

  • Uncertainty remains if U.S. Supreme Court decisions alter the legal basis for imposed tariffs—whether Malaysia will be “stuck” with high tariffs.

  • Expansion of trade disputes into digital policy, environment, and labor could create new complications for Malaysia.

  • Quote: “Are you then stuck with the 19% in this case forever?...discussions about the expansion of these trade disputes into new areas like digital policy or environment and labor rights, which could... prove problematic for Malaysia's domestic economy...”
    — Deborah Elms (03:02)

2. Global Markets Reaction

(03:45–04:20)

• Impact on Asian Markets:
  • Asian stocks rose on the news of President Trump’s trade deals.
  • Japan’s Nikkei 225: Surged 2.46% to close above 50,000 for the first time.
  • Thailand’s Exports: Jumped 19% year-on-year in September, marking the biggest rise in over three years.

3. Argentina’s Political Shift

(04:20–04:47)

• President Javier Milei’s Victory:
  • Landslide midterm win enables further pursuit of radical free-market reforms.
  • Despite praise for deficit and inflation reduction, widespread cuts (infrastructure, pensions, education, health, subsidies) have triggered a recession and social discontent.
  • Quote: “Javier Milei was elected on a platform to slash the state, which he represented by bringing a chainsaw with him to campaign rallies.”
    — Ione Wells (04:20)

4. FIFA World Cup 2026 Preparations (Canada, U.S., Mexico)

(04:47–08:40)

• Logistics Challenges:

  • With Canada hosting alongside Mexico and the U.S., the expanded 6.5 million-attendee event presents mobility and immigration hurdles.

• Toronto’s Approach:

  • On traffic and transportation, city planners began developing a mobility plan early, focusing on transit expansion and extended operational hours.
  • Quote: “Traffic is something that's top of mind...So probably outside of any operational element, we started work on our mobility plan sort of earlier than anything else.”
    — Sharon Bolenbach (05:29)

• Trans-Canada Travel:

  • The tournament scheduling is organized by north-south zones rather than east-west, to minimize travel fatigue for players and fans.
  • Quote: “It would take me similar ish time to fly to London, England, as it would to Vancouver...the tournament...is actually going to be organized not so much east west, but north south.”
    — Jeff Harris (06:18)

• U.S. Entry and Visa Issues:

  • Concerns about long visa appointment wait times for fans from non-waiver countries (notably South America), with calls for more streamlined entry.
  • Quote: “We do have very long visa wait times to get into the US...most [countries] in South America will require a visa...”
    — Tori Barnes (07:30)
  • Suggestions to streamline customs and immigration processes for international visitors to enhance experience.

• Canadian Pride:

  • Toronto officials, despite acknowledging challenges, express excitement about welcoming global fans.
  • Quote: “What I want people to come here is to come and experience Canada and its people...I think most Canadians are very proud with where we live and what we have to offer as a country and as a city.”
    — Sharon Bolenbach (08:25)

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Memorable Quotes & Moments

• “Malaysia had hoped to have more clarity around the tariff policies...they didn't get what they wanted on semiconductors, pharmaceuticals and other cases going forward.”
  — Deborah Elms (01:49)

• “They were able to basically get Malaysia to do...almost everything that they wanted, including follow US Policy.”
  — Deborah Elms (02:46)

• “Are you then stuck with the 19% in this case forever?...discussions about the expansion of these trade disputes into new areas like digital policy or environment and labor rights, which could... prove problematic for Malaysia's domestic economy...”
  — Deborah Elms (03:02)

• “Javier Milei was elected on a platform to slash the state, which he represented by bringing a chainsaw with him to campaign rallies.”
  — Ione Wells (04:20)

• “Traffic is something that's top of mind...So probably outside of any operational element, we started work on our mobility plan sort of earlier than anything else.”
  — Sharon Bolenbach (05:29)

• “It would take me similar ish time to fly to London, England, as it would to Vancouver...the tournament...is actually going to be organized not so much east west, but north south.”
  — Jeff Harris (06:18)

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Timestamps for Important Segments

• ASEAN-U.S. trade deals: 01:01–03:43
• Asian and global markets update: 03:45–04:20
• Argentina’s political and economic reforms: 04:20–04:47
• World Cup infrastructure and logistics: 04:47–08:40

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Conclusion

This episode offers a brisk yet informative overview of major global economic developments, spotlighting the implications of U.S.-ASEAN trade deals, the ripple effects in Asian markets, Argentina's bold economic reforms, and the immense logistical efforts underway for the North American-hosted 2026 FIFA World Cup. The reporting illustrates the interconnectedness of trade policy, politics, and global events, with experts providing candid assessments and practical outlooks.

Transcript

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[William Lee Adams]

Southeast Asian countries Strike a Series of Trade Deals with President Trump Live from the uk, this is the Marketplace Morning Report from the BBC World Service. I'm William Lee Adams. Good morning. Let's start in Malaysia's capital, Kuala Lumpur, which has been hosting the summit of the association of Southeast Asian nations, or ASEAN for short. The countries including Thailand, Cambodia, Vietnam and Malaysia struck a series of trade deals and agreements with President Trump at the meeting. He's now continuing Asia trip in Japan. But talk about those deals and what they might mean for other negotiations continue. Deborah Elms is a trade policy expert at the Heinrich foundation in Singapore. It's a research organization that promotes global trade. Deborah Hai hi. Let's zoom in on Malaysia. Has Malaysia gained from these negotiations?

[Deborah Elms]

Well, I think that is the great question. I think Malaysia had hoped to have more clarity around the tariff policies, and while they got a 19% tariff confirmed in place for the moment, they didn't get what they wanted on semiconductors, pharmaceuticals and other cases going forward.

[William Lee Adams]

Is this a blueprint for how Trump's going to continue negotiations with other countries?

[Deborah Elms]

I'm sure that the US Will try to use this as a blueprint and you can see there's parallels between what the US did with Malaysia and what the US did with Cambodia, for example. But I think every country has a different set of concerns and many would be less likely to sign on to the kind of deal that Malaysia just did. The US Is either less an important market for them or they may be more tied to other markets outside of the US or even outside of China. For example, there's some restrictions in this agreement that will make it difficult to sign deals in the future with the European Union.

[William Lee Adams]

What's the United States walking away with? Will they be happy with the result?

[Deborah Elms]

Well, I assume that they're going to be quite happy with the result because they were able to basically get Malaysia to do looks like almost everything that they wanted, including follow US Policy.

[William Lee Adams]

Are there dangers or warnings that emerge from this deal for other countries?

[Deborah Elms]

I would say there's a few things to be concerned about. So the big one is what happens if the Supreme Court strikes down the legislation that the US Used to impose these original tariffs? That's unclear in these documents. Are you then stuck with the 19% in this case forever? There's also nothing in there about other tariff policies that the United States might pursue, and I think that's going to become an increasingly important issue. There are some discussions about the expansion of these trade disputes into new areas like digital policy or environment and labor rights, which could also again prove problematic for Malaysia's domestic economy moving forward.

[William Lee Adams]

Deborah, thanks for joining us on Marketplace.

[Deborah Elms]

Thanks for having me.

[William Lee Adams]

Let's do the numbers. President Trump's various trade deals have boosted Asian stocks. Japan's Nikkei 225 jumped 2.46% to close above 50,000 for the first time. And Thailand's exports rose 19% year on year in September, beating forecasts with its biggest jump in more than three years. Argentina's President Javier Milei has said he'll press ahead with more free market reforms after his party saw a landslide victory in midterm elections. The result will make it easier to pass his radical spending cuts despite discontent with the austerity measures Milei has imposed. The BBC's Ione Wells reports from Buenos Aires.

[Ione Wells]

Javier Milei was elected on a platform to slash the state, which he represented by bringing a chainsaw with him to campaign rallies. He has since introduced widespread cuts to infrastructure, pensions, education, health and subsidies. His supporters praise him for cutting inflation and the deficit. But his critics say this has come at a great social cost and caused a recession. Having a minority in Congress had led to some political hurdles. Now passing further reforms will become a lot easier.

[William Lee Adams]

To Canada now, where preparations for next summer's FIFA World cup are well underway. The country will jointly host the tournament along with Mexico and the U.S. soccer's global governing body expects around 6.5 million fans to attend the expanded tournament. But how will they navigate across the 16 host cities in the world's third largest continent? The BBC's Megan Lawton explains, okay, I'll.

[Megan Lawton]

Just wait for this helicopter to pass on by who's trying to catch a view before it all begins. In the stands of the Toronto soccer stadium, Sharon Bolenbach, who oversees World cup planning for the city, explains how it plans to Transport an estimated 300,000 fans across the city.

[Sharon Bolenbach]

Traffic is something that's top of mind for people here in the city and when people come to visit. So probably outside of any operational element, we started work on our mobility plan sort of earlier than anything else.

[Megan Lawton]

A city known for its traffic, Toronto will host six games across the tournament, including Canada's opening fixture.

[Sharon Bolenbach]

We're working with all public transit agencies to provide additional service, additional access capacity, extending length of time that cars and transit are operating.

[Megan Lawton]

The city of Vancouver, 4,300 km across Canada, will host seven matches. Deloitte Sports events expert Jeff Harris explains how fans will navigate the distance between.

[Jeff Harris]

The cities where I'm based. It would take me similar ish time to fly to London, England, as it would to Vancouver. So the way that at least the tournament in the earlier stages of the group phase is is actually going to be organized not so much east west, but north south. So to limit the duration that you might have to be on a train or a plane or in an automobile.

[Megan Lawton]

Jeff says this will make the tournament a better experience for both fans and players with less time traveling and hopefully less jet lag.

[Jeff Harris]

There's going to be a west zone, a central zone and an eastern zone and that the 16 different hosts are going to be dispersed among those three zones. So at least for those who are visiting for two weeks and won't be seeing their countries proceed any further to the knockout stage, it'll be starting with more of that north south clustering to help to minimize the time that individuals are spent traveling and to maximize the time that they're in the host cities having a great time.

[Megan Lawton]

Meanwhile, in the U.S. lobbyists in Washington, D.C. are pushing for new provisions to make it easier for players and fans to arrive from countries that are not part of the visa waiver program. American travel expert Tory Barnes explains, we.

[Tori Barnes]

Do have very long visa wait times to get into the US So if you're coming from a visa waiver program country, you would be fine, right? But many countries that have teams that would qualify for the World cup, like most in South America, will require a visa for visitors to come here.

[Megan Lawton]

Tori says she would also like to see more efforts put into reducing queue times at airports, ensuring fans get to games.

[Tori Barnes]

The connectivity we have is really strong within the United States, but some of the challenges that we have when you come into the country so custom wait times, for example, we should have a global entry like process for all Americans so that our CBP officers can really focus on those international visitors to get those wait times down.

[Megan Lawton]

Back at the Toronto soccer stadium, Sharon Bolenbach says despite any concerns about hosting, she's excited to be welcoming fans to the country.

[Sharon Bolenbach]

What I want people to come here is to come and experience Canada and its people. I mean, as I say, I'm a very proud Canadian and I think most Canadians are very proud with where we live and what we have to offer as a country and as a city.

[Megan Lawton]

For now, the focus is less on the soccer and more on making sure fans can actually get to the games. In Toronto, I'm the BBC's Megan Lawton for Marketplace, and in the UK I'm.

[William Lee Adams]

William Lee Adams with the Marketplace Morning Report from the BBC World Service.

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