<h1>US and China agree to pursue bilateral trade deal; US secures preliminary pacts with Southeast Asian governments</h1> US and Chinese officials reported an initial consensus to pursue a bilateral trade agreement, with the US president securing preliminary trade pacts with several Southeast Asian governments during a regional summit; markets reacted positively. The developments implicate potential changes to tariffs, cross-border trade rules and procurement practices, and may affect antitrust, export-control and compliance obligations for multinational firms. Regional growth forecasts cite trade restrictions and tariffs as downside risks. In Japan, a newly installed prime minister's defence-spending and procurement priorities have market and regulatory implications for defence contractors and domestic industrial policy.