Asia’s export-driven economies brace for upheaval under Trump
Al Jazeera
Former US president’s proposals for sweeping tariffs threaten to hobble exports that drive the region’s growth.
Taipei, Taiwan – Asia is bracing for disruption should American voters return Donald Trump to the White House, with his plans for sweeping tariffs threatening to hobble the region’s export-driven growth.
Trump, who ran neck-and-neck with Vice President Kamala Harris in polls before Tuesday’s presidential election in the United States, has pledged to impose tariffs of 60 percent or more on Chinese imports and tariffs of 10 to 20 percent on all other foreign goods.
The trade measures would come on top of tariffs on $380bn worth of Chinese goods that Trump imposed during his first term and current President Joe Biden kept in place.
Trump’s duties could result in a particularly serious economic fallout in Asia, home to many of the world’s most trade-dependent economies.
The 10 members of the Association of Southeast Asian Nations have an average trade-to-gross domestic product (GDP) ratio of 90 percent, double the global average, according to the Hinrich Foundation, a trade-focused philanthropic organisation based in Singapore.
