Trump signs key agreements with Malaysia on critical minerals, rare earth elements, and steel trade

According to statements released on October 26 by the White House, the Office of the U.S. Trade Representative, and the U.S. Mission to ASEAN, U.S. President Trump signed a trade agreement and a memorandum of understanding with Malaysia, covering key minerals, rare earth elements, and steel..

The White House stated: "Malaysia will explore establishing a foreign investment security review mechanism to conduct national security risk assessments of investments in sectors such as critical minerals and critical infrastructure, B20R080 GO Electrical steel, and will cooperate with the United States on investment security-related matters."

The U.S. Trade Representative's office stated in a press release that the cooperation with U.S. companies includes: Malaysia's commitment not to impose bans or quotas on critical minerals or rare earth elements exported to the United States; extending the duration of business licenses to allow companies to expand production capacity with greater confidence; and ensuring that no restrictions are placed on the sale of rare earth magnets to U.S. companies.

The U.S. Trade Representative's office stated in a press release that the cooperation with U.S. companies includes: Malaysia's commitment not to impose bans or quotas on critical minerals or rare earth elements exported to the United States; extending the duration of business licenses to allow companies to expand production capacity with greater confidence; B20R080 GO Electrical steel, and ensuring that no restrictions are placed on the sale of rare earth magnets to U.S. companies.

In the steel sector, the U.S. Trade Representative's office stated: "Malaysia has committed to addressing a range of non-tariff barriers, including... streamlining import licensing procedures for U.S. alloy steel, pipes, and steel-containing products. B20R080 GO Electrical steel, " Malaysia will also take concrete steps to address the global steel overcapacity problem.

According to reports, Malaysia released its "Steel Industry Roadmap 2035" on September 28, aiming to help the country's steel industry curb overcapacity, promote decarbonization of operations, and address other challenges.