The new political battlefield
After markets closed on the 3rd of April 2025, the Trump administration announced from the White House lawn a new series of tariffs. After almost 3 months of anguish, and somehow of wishful thinking, it became clear that Southeast Asia will no longer be spared from the US administration frenzy. The rates, between 20% and almost 49%.
Summary of tariffs announced
As of April 3rd 2025. Source nytimes.com
Markets at risk by country
All detailed charts can be found on OEC.world bilateral pages.
Vietnam ($118B of exports, 2023)
Vietnam is the largest exporter to the US in Southeast Asia. It is especially vulnerable as it has been seen a “safe space to invest” relatively to China. It’s 3rd largest markets impacted will be:
- Electronics & appliances
- Garment & clothing, including footwear
- Furniture & games
Thailand ($58.5B of exports, 2023)
Thailand is also particularly exposed by the new series of tariffs.
- Electronics and appliances market
- Rubber, an industry especially active in the South of the country
- Processed food, including pet food and animal feed
- Automotive and motorcycle parts, an industry active on the Eastern Seaboard of Thailand
Malaysia ($44.9B of exports, 2023)
Malaysia is also impacted on:
- Electronics and appliances market, including network equipment
- Medical instruments
- Furniture and games
- Rubber industry
Indonesia ($27.9B of exports, 2023)
Indonesian exports are among the most diversified. The country may suffer in the following industries:
- Electronics and appliances
- Garment and clothing, including footwear
- Rubber derivated products
- Furniture & toys
- Seafood exports
Philippines ($13.3B of exports, 2023)
The main markets exposed in the Philippine are the following:
- Appliances and electroncis
- Processed food
Bangladesh ($8.58B of exports, 2023)
Bangladesh is the most specialized country in the region. Its exports to the US are almost all in the garment and clothing category.
India ($85.5B of exports, 2023)
India is exposed in the following sectors:
- Broadcasting equipment and other electronic devices
- Medical exports (although it’s not really clear at the time of writing if those will be included in the tariffs package)
- Jewel and gems
- Garment
- Steel and construction products
