U.S. tariffs will have multiplier effects that will "generate a broader negative income and demand shock to the Singapore economy", the Monetary Authority of Singapore said in its macroeconomic review released on Monday.
Thailand faces a severe trade challenge following the US announcement of 36 per cent tariffs on Thai goods. The Shinawatra government's dual strategy — appeasing Washington while courting Beijing — has backfired, alienating Western trade partners following the deportation of 40 Uyghurs to China. With its export-driven economy threatened and auto manufacturing in decline, Thailand must balance diplomatic relations and pursue structural reforms to survive mounting trade pressures.
Asean has reiterated its commitment to multilateral trade principles and does not plan to retaliate against US tariff actions.
The Malaysian delegation, led by Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz, told US trade representatives that Malaysia is open to talks on reducing the trade deficit, addressing non-tariff barriers, improving technological security, and exploring a potential trade agreement.
Thailand may need at least 500 billion baht (US$15 billion) for economic stimulus measures to address the impact of US tariffs, its finance minister said on Wednesday.
Thai exports rose for a ninth straight month in March and exceeded expectations, reaching the highest level in three years, although steep US tariffs remain a concern, says the Commerce Ministry.
The US set new duties as high as 3,521% on solar imports from four Southeast Asian countries, delivering a win for domestic manufacturers while intensifying headwinds already threatening the country’s renewable power development.
The agreement is seen to enhance business opportunities across a free trade area of over 703 million people, with a combined gross domestic product of more than US$5.6 trillion (S$7.3 trillion).
<p>Time: 2024 By: Ministry of Industry and Trade</p>
