Trump trade tariffs creates burdensome situation for Asian economies

KUALA LUMPUR – Trump trade tariffs pushes Asian economies to the edge. Asia’s export powerhouses, including China, Japan, South Korea and Vietnam, have been among those being slapped with the steepest duties.

Trump is hitting imports from China with a 34% tariff, on top of the 20% levies, he had already imposed since returning to the White House in January. 

Trump’s new tariffs on countries in Asia:

• China – 34%
• Vietnam – 46%
• Taiwan – 32%
• Japan – 24%
• India – 26%
• South Korea – 25%
• Thailand – 36%
• Malaysia – 24%
• Cambodia – 49%
• Bangladesh – 37%
• Singapore – 10%
• Philippines – 17%
• Pakistan – 29%
• Sri Lanka – 44%
• Myanmar – 44%
• Laos – 48%

This means the total tariff rate on China will jump to 54% within a week, when the new rates take effect on April 9. It threatens bilateral trade estimated to be $582.4 billion (€524 billion) last year, where the US exported products worth $143.5 billion to China while importing goods amounting to $438.9 billion.

Beijing blasted the decision and vowed retaliation .A tit-for-tat tariff escalation could push the world’s top two economies deeper into a trade war and upend global supply chains.

It could also complicate Beijing’s plan to spur economic growth, targeted at roughly 5% in 2025.

“We think the tariffs could trigger protectionism and severely strike a blow to the world economy,” said Fang Dongkui, secretary general of the China Chamber of Commerce to the EU, calling for negotiations between the US and its trading partners to resolve the disagreements, instead of confrontation.