U.S. tariffs

The agreement bears a close similarity to the deal that the U.S. president announced with Vietnam in early July, but a lot of details remain unclear.

Vietnam is different from the rest of Asia in that it does not depend on the U.S. for security and China for trade. In fact, the opposite is true.

The recent tariff agreement has calmed bilateral tensions between Hanoi and Washington, but new trade tensions could be in store.

A foreign policy based on coercion, but lacking predictability and institutional commitment, could see the United States cut itself off from the global network of trust. 

Among the ASEAN nations, Cambodia is the most potentially exposed to any sudden shift in U.S. trade policy.

It remains to be seen whether the agreement, set to be signed next week, will secure a significant reduction in the 32 percent "reciprocal" tariff.

Washington has agreed to lower its threatened 46 percent tariff on imports from Vietnam in return for increased access to the Vietnamese market.

Jakarta says that the measures will aid its tariff negotiations with the Trump administration, while advancing its broader economic goals.

On his first state visit to Beijing, Prime Minister Lawrence Wong described the China-Singapore relationship as "more important than before."

The country's commerce minister says the 36 percent tariff imposed in April could be reduced to as low as 10 percent.

Washington is driving a hard bargain in its ongoing trade and tariff negotiations with Hanoi.

The visit also saw the signing of a major deal for the purchase of 20 Airbus planes by the budget Vietnamese airline VietJet.