For decades, the tiger economies of the ASEAN region have flourished under an export-led growth model, anchored by strong trade relationships with major economies, including the United States and China. In 2023 alone, the United States and China respectively accounted for 16% and 15% of total ASEAN merchandise exports. Given this significant trade dependence, it is unsurprising that the region is now expressing serious concerns over the potential economic fallout from the new US tariff policy. ASEAN comprises a diverse mix of economies, from more advanced markets like Singapore and Malaysia, to developing nations such as Cambodia, Myanmar, and Laos. Aspirational middle powers like Vietnam, Thailand, and Indonesia are positioned in between. All ASEAN members are expected to be negatively affected by the new US tariffs, albeit to varying degrees.
A tariffying shift for the ASEAN market (Niaz Asadullah, Doris Liew – The Interpreter)
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