If Donald Trump follows through on tariff threats in the US-China trade war, all those cheap Chinese exports have to go somewhere else, says Shay Wester of the Asia Society Policy Institute.
An aerial view shows containers and cargo vessels at the Qingdao port in Shandong province, China May 9, 2022. . Donald Trump 's return to the White House brings a significant shift in US trade policy, with his proposed sweeping tariffs threatening to trigger retaliation and raising the prospect of a global trade war.
On the campaign trail, Trump said he would impose tariffs of up to 20 per cent on all imports and a staggering 60 per cent or more on Chinese goods – which would effectively shut many Chinese exports out of the US market. Thailand, for example, has seen over 2,000 factory closures this year due to a flood of cheap Chinese steel and other goods. Indonesia's textile sector has lost tens of thousands of jobs in just six months, and local manufacturers across the region are struggling to stay competitive.
Before the election, the Biden administration had finalised its ban on US investment in sensitive Chinese tech that will take effect on Jan 2, 2025 - before Trump is even inaugurated. It was also considering a broad ban on software which would effectively prevent Chinese cars from being sold in the US market.
Thailand's Commerce Minister Pichai Naripthaphan sees opportunity ahead, noting,"Trump's win will be beneficial for Thailand because Republicans are pro-business, and the US-China trade war will continue and result in more investments." To succeed, Southeast Asia must focus on strengthening regional economic integration, upgrading industrial capabilities, and effectively managing the challenges of import surges. A more unified ASEAN could enhance the bloc's bargaining power.
Tariffs United States Donald Trump US-China Trade War
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Southeast Asia braces for potential trade disruptions as Trump vows to impose tariffs Singapore News -%
Read more »
IN FOCUS: Water, water everywhere – why Southeast Asia’s overbuilt capitals need new ways to surviveGiant sea walls, artificial islands and underground tunnels - these are some solutions being floated in Jakarta, Bangkok and Kuala Lumpur to combat flooding or sinking land. But experts say nature-based options may work better.
Read more »
Can we save Southeast Asia’s capitals from drowning?pThe region’s large capital cities - Bangkok, Jakarta and Kuala Lumpur - are facing a multitude of threats centred around water, from flooding, land subsidence, groundwater extraction or sea level rise. To combat these issues, engineering mega adaptation projects are often raised as solutions.
Read more »
Singapore's 2025 salary growth projected to be slowest in Southeast Asia, study reveals Singapore News%
Read more »
Singapore's fifth wildlife park to open in March 2025Rainforest Wild Asia will be the first adventure-based zoo in Asia.
Read more »
Commentary: Cut the middle managers, but be clear of the trade-offsWho doesn’t want to ditch pre-meetings and the long clearance chain of middle managers? Let's be clear that the future of work is not just about how lean a company is, says NUS Business School’s Sriram Iyer.
Read more »