U.S. Nears Trade Breakthrough with Southeast Asia Amid Tariff Tensions
The U.S. is poised to finalize trade agreements with Southeast Asian countries, addressing steep tariffs affecting the region. Ongoing discussions aim to align interests and bring balance to global trade, amidst concerns that tariffs could severely impact regional economies, particularly Vietnam.
In a promising development for Southeast Asian economies, the United States is on the verge of sealing trade agreements with countries in the region, announced U.S. Trade Representative Jamieson Greer. Speaking at an ASEAN economic ministers' meeting in Kuala Lumpur, Greer assured that deals could be finalized within the next few months or even weeks.
The discussions come as U.S. tariffs, set between 19% and 40%, pose significant challenges for the export-driven ASEAN bloc. While Indonesia and Vietnam have already secured new trade agreements with reduced tariffs, the impact continues to loom large, with Vietnam risking an annual loss of $25 billion.
Greer emphasized a mutual interest in promoting reciprocity in global trade, but concerns remain over potential sectoral tariffs, particularly in the semiconductor industry. U.S. President Donald Trump's proposal to impose a 100% tariff on semiconductors has further fueled anxieties, highlighting the urgency for cohesive regional strategies.
(With inputs from agencies.)
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