On April 2, US President Donald Trump unveiled elements of the “America First Trade Policy”, a broad review of trade policy that introduces a new wave of reciprocal tariff measures on all imports to the US. Effective April 5, this policy established a minimum blanket tariff rate of 10% on all US imports.
As the implications of the changes in US tariff policies unfold, businesses should consider what needs to be done now and in the long term.
The Asean region engages in extensive trade with the US, with total goods traded reaching US$476.8 billion ($632.5 million) last year. US goods exports to Asean are estimated at US$124.6 billion, while imports from the region totalled US$352.3 billion, resulting in a significant overall trade deficit. In contrast, the US maintains a trade surplus with Singapore, exporting goods valued at US$46 billion and importing goods worth US$43.2 billion.
