US President Donald Trump and Chinese President Xi Jinping will speak soon to iron out trade issues including a dispute over critical minerals, Treasury Secretary Scott Bessent said on Sunday (Jun 1).

Vietnam has emerged as the world’s third-largest footwear producer and the second-largest exporter, trailing behind China, according to the Vietnam Leather, Footwear, and Handbag Association (LEFASO).

According to the Department of Vietnam Customs, in the first four months of 2025, the trade turnover of agricultural, forestry and aquatic products between Vietnam and China was estimated at 5.07 billion USD, up 3.7% over the same period in 2024. Of which exports from Vietnam reached about 3.62 billion USD (down 1.1%), and imports 1.45 billion USD (up 17.6%).

Vietnam that exports rubber to approximately 80 countries and territories worldwide is poised to capitalise on a global rubber shortage, with the Vietnam Rubber Association (VRA) forecasting significant growth in both export volume and value throughout 2025.

According to S&P Global, Vietnam’s Manufacturing Purchasing Managers’ Index (PMI) rose to 49.8 in May from 45.6 in April, remaining just below the 50-point threshold. The reading signals a near-return to stable operating conditions.

ASEAN is seeking to expand its membership in two key trade agreements - the Regional Comprehensive Economic Partnership (RCEP) and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) as part of efforts to strengthen regional economic integration.

President Donald Trump announced Friday that he would set tariffs on steel imported into the United States at 50%, double their current rate.

Commerce Secretary Howard Lutnick said Sunday that “tariffs are not going away” after a federal appeals court last week paused a block on many of the Trump administration’s sweeping tariffs.

Japanese Prime Minister Shigeru Ishiba is considering visiting Washington to meet President Donald Trump before a mid-month summit of the Group of Seven nations as he seeks a trade deal, the Yomiuri newspaper reported on Sunday.

Australia's steel and aluminum industry is bracing for the impact of the latest tariffs from the United States, just months after the administration of US President Donald Trump rolled out worldwide protectionist measures.