Cailian News Agency, April 10 (Editor: Shi Zhengcheng) Many Asian governments and industry associations, including ASEAN, Japan and South Korea, welcomed the fact that US President Trump urgently postponed some “reciprocal” tariffs under pressure, but also warned that a large number of “Trump tariffs” that are still in effect will continue to prolong the uncertainty faced by regional companies and financial markets.

As a background, Asia, as the global manufacturing center, has been the focus of Trump’s “reciprocal tariffs”. Cambodia and Vietnam face reciprocal tariffs of 49% and 46% respectively, Thailand and Indonesia face tariffs of more than 30%, and Japan, South Korea and Malaysia are also subject to additional tariffs of more than 20%.

Even after the policy was withdrawn on Wednesday, the United States still imposes a general “reciprocal” tariff of 10% on most trading partners. Also in effect are steel, aluminum, and automobile tariffs, as well as a 125% tariff on China. Therefore, according to estimates, the current average tariff rate in the United States will still reach nearly 24%, while it was only about 2% when Trump took office.

ASEAN strongly criticizes Trump’s tariffs

On Thursday local time, ASEAN economic ministers held a video conference and issued a statement after the meeting, collectively criticizing Trump’s policies sharply.

The statement said that these tariffs will disrupt regional and global trade, as well as investment flows and supply chains, and affect economic security and stability, affecting the livelihoods of millions of people in the region, hindering the economic progress of ASEAN, especially the less developed economies, and ASEAN’s economic and trade relations with the United States.

ASEAN ministers also reiterated their support for a predictable, transparent, free, fair, inclusive, sustainable and rule-based multilateral trading system with the World Trade Organization at its core, and recognized the key role played by the WTO in promoting global economic growth.

Malaysian Minister of International Trade and Industry Zafrul, who chaired the meeting, also said when the ministers discussed the trade war: “The only certainty about Trump’s tariffs is uncertainty.”

Zafrul also said in an interview with the media on the same day that although ASEAN countries welcomed Trump’s suspension of higher tariffs, the 10% base tariff and the current 125% tariff on China will still affect the global economy and trade, including Malaysia. This volatility poses a major challenge to ASEAN economies.

Nasir Razak, chairman of the ASEAN Business Advisory Council, also warned against the current progress. He said: “Great uncertainty remains, making it difficult for companies to cope. Given the uncertainty and extreme volatility in recent days, financial markets will remain tense. We urge the United States to make the parameters of the upcoming tariff negotiations as clear as possible.”

Ken Loo, secretary-general of the Cambodian Textile, Garment, Footwear and Travel Goods Association, also lamented that there are no rules at all for international trade at present – it may change every day.

He said: “(The extension) is a relief for most garment industry headquarters, but there is still a 10% reciprocal tariff, which was not there a week ago. So today’s relief is relative to yesterday, but the situation may change again tomorrow.”

Chris Humphrey, executive director of the EU-ASEAN Business Council, also criticized Trump’s policies for “causing serious damage to markets and companies.” Humphrey complained: “The implementation of tariffs is bad enough, and the changing rates and schedules make it more difficult for companies to plan effectively. This has led to instability, which is not good for the global economy and for economies that rely extensively on trade, such as Southeast Asian countries.”

Progress in negotiations

Meanwhile, Vietnam, Japan and South Korea have already started contacts with the Trump administration and sent back news from the first scene.

According to the official Vietnam News Agency, Vietnamese Deputy Prime Minister Hu Defu visited Washington on Wednesday and met with U.S. Trade Representative Jamison Greer. Hu Defu said that the United States’s high tariffs on Vietnamese exports are inconsistent with the mutually beneficial economic and trade relations between the two countries and are inconsistent with the spirit of the Vietnam-U.S. comprehensive strategic partnership.

As a result of the talks, the two sides agreed to launch negotiations on a “reciprocal” trade agreement. Influenced by this news, Vietnam’s benchmark VN index rose 6.77% on Wednesday, the largest single-day increase since 2001.

South Korean Minister of Trade Chung In-gyo, who was also visiting Washington, also said that the current suspension was a “positive” development, but the South Korean government was also worried that the current tariffs would still bring shocks.

At the same time, Japan, which was repeatedly mentioned by Trump and Bessant as “the forefront of the negotiating countries”, has not yet set off for its chief tariff negotiator, Ryomasa Akasawa. He told the media on Thursday that he would leave for the United States as soon as possible.

Akazawa also stressed that the 90-day suspension will not change Japan’s position on US tariffs. Japan still faces a 10% tariff, and its most important automotive industry is also subject to a 25% tariff. Japan will continue to seek a reassessment of these measures by the United States.
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