Overview

• The trilateral summit in Kuala Lumpur brings together ten ASEAN nations with China’s Premier Li Qiang and Gulf Cooperation Council leaders to discuss trade diversification
• Following mid-May Geneva negotiations, the U.S. and China have temporarily cut tariffs on each other’s goods for a 90-day period through August
• Prime Minister Anwar Ibrahim has revived proposals for an ASEAN Monetary Fund and aims to strengthen regional financial safety nets via the Chiang Mai Initiative
• A draft ASEAN declaration expresses “deep concern” over unilateral U.S. tariff measures while keeping the bloc neutral and rejecting a formal pro-China stance
• China views its participation as a chance to reinforce its image as a reliable economic partner in Southeast Asia