“Most of the economies plan to send a delegation for negotiations to the US this month. Whether this will lead to lower reciprocal tariffs for the Asean-5 economies is unclear at this stage,” she adds.
Authorities in the Asean-5 economies have been proactive in responding to the US tariff announcement. The tone of response has been realistic, says Lavanya Venkateswaran, senior Asean economist at OCBC, acknowledging challenges for mid- to long-term growth prospects.
Vietnam, Thailand, Indonesia and Malaysia are among the worst hit, to varying degrees. The Asean-5 economies have adopted a “reconciliatory” approach, suggesting that they are open to negotiations, writes Venkateswaran in an April 9 note on Vietnam, Thailand, Indonesia, Malaysia and the Philippines.
