The most immediate impact of Trump’s tariffs will be inflation, both in the US and worldwide. As import costs rise, businesses will pass these costs onto consumers, driving up prices, said Professor Phar Kim Beng of ASEAN Studies at the International Islamic University of Malaysia (IIUM).
US President Donald Trump announces new reciprocal tariffs at the White House on April 2. (Photo: Reuters/VNA)
Kuala Lumpur (VNA) – Following the new tariff policy announced by US President Donald Trump on April 2, Professor Phar Kim Beng of ASEAN Studies at the International Islamic University of Malaysia (IIUM), stated that this aims to exert pressure on ASEAN economies, but risk triggering inflationary pressures in the US and beyond.
Talking to the press, the expert said these tariffs significantly affect ASEAN economies, particularly those reliant on exports to the US. However, while they present economic challenges, they will not lead to ASEAN’s collapse.
According to him, ASEAN has weathered multiple external shocks, from the 1997 Asian Financial Crisis to US-China trade wars. Despite the disparate effects of these tariffs, ASEAN’s institutional frameworks -- such as the ASEAN Economic Community (AEC) -- help maintain regional resilience.
The expert assessed that the most immediate impact of Trump’s tariffs will be inflation, both in the US and worldwide. As import costs rise, businesses will pass these costs onto consumers, driving up prices.
To counteract these economic pressures, he recommended ASEAN strengthen trade partnerships through Regional Comprehensive Economic Partnership (RCEP), the Comprehensive and Progressive Agreement for Trans-Paci𒐪fic Partnership (CPTPP), and South-South cooperation, and expand trade with the European Union (E🎉U) and the Gulf Cooperation Council (GCC)./.
Businesses should proactively diversify their export markets in order to prepare for unexpected events in the context where there is a trend of trade liberalisation, alongside a rise in protectionist measures, and increased technical and trade barriers in major markets.
Vietnam hopes that the US will adopt a tariff policy that is conformable to the good relationship between the two countries, meeting the desires of their people, and the efforts that Vietnam has made in recent years, PM Chinh said, stressing that this policy should take into account the conditions and circumstances of Vietnam as a developing country still recovering from the heavy and prolonged consequences of the wars.
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Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
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