FX.co ★ Cambodia, U.S. Begin Trade Talks Amid Tariff Concerns

Cambodia has initiated its inaugural trade negotiations with the United States in Washington, with the objective of securing a reduction in the tariff rates introduced during the Trump administration. As per a statement from the Cambodian government on Thursday, "both parties engaged in open and constructive discussions within an environment of mutual understanding, exploring avenues to enhance bilateral trade and investment." The discussions included the participation of Deputy Prime Minister Sun Chanthol, Commerce Minister Cham Nimul, and Sarah Ellerman, the Assistant U.S. Trade Representative for Southeast Asia and the Pacific. The U.S. stands as Cambodia's largest export market, and Cambodia's crucial textiles and footwear industries are at risk of being significantly affected by the present 49% tariff rate, the highest among Southeast Asian countries. A follow-up round of discussions is anticipated to occur in early June.