Photonews Logo Photonews logo
  • Home
  • Pakistan
    • Punjab
    • Sindh
    • Khyber Pakhtunkhwa
    • Azad Jammu Kashmir
    • Balochistan
    • Gilgit – Baltistan
  • World
  • Business
  • Entertainment
  • Videos
    Good Fortune trailer
    Videos

    First Trailer for Aziz Ansari’s Good Fortune, Starring Keanu Reeves

    May 29, 2025 2 Min Read
    Last of Us Season 2
    Videos

    ‘The Last of Us’ Season 2 Premieres Date What to Expect From HBO’s Hit Series

    April 13, 2025 2 Min Read
    Disney Snow White box office
    Videos

    Snow White Teaser Drops: Gal Gadot and Rachel Zegler Shine

    February 22, 2025 1 Min Read
  • Sports
  • Technology
  • Offbeat
  • Blog
  • Contact
Reading: Trump’s Tariff Impact on Asian Economies and Potential Trade War
PhotoNews Pakistan PhotoNews Pakistan
Font ResizerAa
Search
  • Home
  • Pakistan
    • Punjab
    • Sindh
    • Khyber Pakhtunkhwa
    • Balochistan
    • Azad Jammu Kashmir
    • Gilgit – Baltistan
  • World
  • Business
  • Entertainment
  • Videos
  • Sports
  • Technology
  • Offbeat
  • Blog
  • Contact
Have an existing account? Sign In
Follow US
© 2022 Photonews. All Rights Reserved.
China rare earth export ban
PhotoNews Pakistan > Blog > Trump’s Tariff Impact on Asian Economies and Potential Trade War
Blog

Trump’s Tariff Impact on Asian Economies and Potential Trade War

Web Desk
By Web Desk Published November 10, 2024 3 Min Read
Share
An image of US President elect Donald Trump featuring US and China flags. Photo Credits: CNN
SHARE

Donald Trump’s tariff policies could reshape the economic landscape for Asia, including India, potentially triggering a trade war that would destabilize markets globally. As the world’s growth engine, Asia stands to be significantly impacted.

Trump, fresh from a decisive election win, has committed to imposing a 60% tariff on all Chinese goods entering the United States, aiming to correct the trade imbalance. Analysts are sceptical about whether Trump will maintain such high tariffs and debate their potential impact on China’s economy, estimating a GDP reduction of up to 1.6%.

The ripple effects of these tariffs would extend through Southeast Asia, tightly linked to China through production chains and significant Beijing investments. Adam Ahmad Samdin of Oxford Economics, “Reduced U.S. demand for Chinese goods, resulting from increased tariffs, would lead to decreased demand for ASEAN exports, even without direct U.S. tariffs on these economies.”

Currencies in Asia are likely to fall against the dollar as higher tariffs loom for the region's exporters, according to #FX strategist Stephen Chiu. President-elect Donald Trump has promised to raise tariffs to 60% for goods from #China and to 20% on those from the rest of the… pic.twitter.com/SPSXhxyCe5

— Bloomberg Intelligence (@BBGIntelligence) November 7, 2024

Countries like Indonesia are particularly vulnerable due to their strong nickel and mineral exports. Meanwhile, China remains a top trading partner for Japan, Taiwan, and South Korea.

Moreover, Trump has threatened to raise duties by 10 to 20% on all imports as part of his protectionist agenda, claiming other countries exploit the U.S. The impact of these tariffs would vary, with countries like Cambodia, Vietnam, Thailand, and the Philippines, which have significant export shares to the U.S., facing substantial consequences.

Read: Trump’s 2024 Red Revolution: An In-Depth Analysis; Harris’s Deficit Highlighted

Speculations also suggest that Trump might target countries like Vietnam and India with protectionist measures. Vietnam, for its role in rerouting Chinese electronics to avoid U.S. taxes since 2018, and India, due to the high percentage of Chinese components in its exports, could face higher U.S. tariffs on sectors such as automobiles, textiles, pharmaceuticals, and wines, potentially diminishing their competitiveness in the U.S. market.

Companies have been moving factories from China to Southeast Asia, anticipating Donald Trump would slap high tariffs on Beijing if he regained the White House, a move set to accelerate with his election win, industrial park developers in the region say.https://t.co/8m6E9AY2Yu

— Bilyonaryo (@bilyonaryo_ph) November 8, 2024

The negative effects of a trade war are concerning for India. Ajay Sahai of the Federation of Indian Export Organisations warns of the dangers of Trump’s transactional approach, which could lead to targeted higher tariffs on Indian exports to leverage lower U.S. tariffs in India.

In response, countries might accelerate the “China+1” strategy to diversify production outside China. This shift has benefited countries like Vietnam, attracting investments from major manufacturers like Foxconn, Pegatron, and Samsung, boosting its position as a major smartphone exporter.

Read: How Abortion Rights Influence Indian American Women Voters

However, as the IMF’s Thomas Helbling outlined, any reorganization of supply chains could lead to efficiency losses and increased production costs, negatively impacting global growth.

While Asian countries might initially gain export market share, their overall economic conditions could deteriorate in a weakening global demand scenario.

TAGGED:Donald TrumpFeatured
Share This Article
Facebook Twitter Pinterest Whatsapp Whatsapp LinkedIn Email Copy Link Print
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

Dead Take 2025 psychological horror

Dead Take: Surgent Studios’ Psychological Horror Game Set for 2025 Release

Ayatollah Ali Khamenei Iran Nuclear Talks

Iran’s Khamenei Rejects US Nuclear Deal, Defends Uranium Enrichment

Adolescence

Adolescence Becomes Netflix’s Second Biggest English TV Series

Malir Jail Karachi Prisoner Escape

Sindh Orders Arrest of Malir Jail Constable in Massive Jailbreak Probe

Punjab solar panel guidelines 2025

Punjab Issues Solar Panel Installation Guidelines Amid Net Metering Cuts

Post Archives

More Popular from Photonews

Imane Khelif Online Harassment
Sports

Imane Khelif’s Leaked Medical Report Alleged Male Karyotype

3 Min Read
Imran Khan appeal 2025
Pakistan

Islamabad High Court to Hear Imran Khan and Bushra Bibi’s Appeals

1 Min Read
Noor Zaman British Open 2025
Sports

Noor Zaman Makes History, Qualifies for British Open Main Draw 2025

2 Min Read
Sindh

Karachi to Experience Mild Tremors for 2-3 Days: PMD Chief

Pakistan Meteorological Department (PMD) Director General Mahr Sahibzad Khan announced that Karachi will experience low-intensity tremors…

June 4, 2025
Punjab

Punjab Cabinet Slashes Electricity Bills, Launches Air Punjab

The Punjab Cabinet, headed by Chief Minister Maryam Nawaz, announced a 30-40% reduction in electricity bills…

June 4, 2025
Top NewsWorld

U.S. Court Blocks Trump’s Bid to Ban International Students at Harvard

A U.S. court in Boston blocked President Donald Trump’s attempt to prevent Harvard University from enrolling…

May 30, 2025
Sports

Arshad Nadeem Wins Gold in Javelin at 2025 Asian Athletics Championships

On May 31, 2025, Pakistan’s Arshad Nadeem clinched the men’s javelin gold medal at the 2025…

May 31, 2025
PhotoNews Pakistan

Always Stay Up to Date

Subscribe to our newsletter to get our newest articles instantly!

Categories

  • World
  • Pakistan
  • Punjab
  • Sindh
  • Khyber Pakhtunkhwa
  • Balochistan
  • Azad Jammu Kashmir

 

  • Top News
  • Business
  • Entertainment
  • Sports
  • Videos
  • Tech
  • Offbeat
  • Blog

© 2024 Phototnews
All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?