Southeast Asian nations, among hardest-hit by Trump tariffs, seek talks

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HANOI/BANKOK: Southeast Asian countries raided on Thursday when they were targeted at some extreme prices of President Donald Trump, who are now threatening economies who have benefited from investing since leverage levies on China during their first term.

Vietnam, which has been slapped by 46 % of revenue, said it would establish a task force and the Prime Minister of Thailand said it would negotiate to try to reduce the rate of 37 % facing his country – which is expected more than 11 %.

The two countries are heavy exporters in the United States, they acquired from the so -called China +1 strategy, under which manufacturers are trying to avoid tariffs on China, transferring some of their Chinese production to nearby countries in the region.

“We have to be involved in dialogue and details,” said Thai Prime Minister Patungran Shinawatra. “We can’t reach it as far as our GDP targets.”

Six of the nine Southeast Asian countries listed by Trump were slapped with more expected revenue between 32 percent and 49 percent. In comparison, the European Union level was 20 %, Japan 24 % and India 27 %. So none of the Southeast Asian countries have talked about revenge.

Vietnam, where companies such as Apple, Naik and Samsung Electronics have large manufacturing operations, appears to be exposed. Last year, its exports were $ 142 billion to the United States, which is about 30 % of its total domestic products.

Since January 2021, Vietnam Benchmark Stock Index has been slides 6.7 percent for its largest ODI drop, while its currency, dong, decreased from 0.7 percent to every time.

Government media said that Prime Minister Fam Minh Chen ordered a task force to deal with the situation after an immediate cabinet meeting in early Thursday. He noted that the country’s 8.0 % growth target remains for this year.

“Vietnam’s export growth model has been extremely successful, which attracted multinational companies … however, 46 percent of US tariffs will directly challenge the model,” said Leaf Schneider, head of international law firm Luther.

ING estimates that prices posed a 5.5 percent risk of Vietnam’s total domestic products.

Vietnam has given Washington several recent concessions to avoid revenue, including a reduction in duties and further importing US goods, and is likely to be offered further in the coming days.

“I expect ways to reduce or reduce the effects of any new taxes,” said Adam Sitcov, executive director of the American Chamber of Commerce in Hanoi.

Hope to talk

Thai Trade Minister Pachai Narpathan said his government was ready for talks and he hoped he would go well, citing Thailand’s good relations with the United States.

Thailand is hoping to increase 3.0 percent this year. It has surpassed regional colleagues, which is increasing 2.5 % last year, which is behind the increase in domestic debt.

The country’s stock index, which had already taken battering due to its weak economy and last week’s earthquake this year, slipped 1.1 percent, while the Beat fell to the lowest level in a month. ING estimates that revenue has taken a 3.0 percent risk of GDP in the country.

Malaysia, who was dealt with at a rate of 24 %, announced that it would not seek revenge revenue and said that the Ministry of Commerce would actively engage with US officials “to find a solution that would maintain the spirit of free and fair trade.”

Cambodia faces 49 % rates, which will hurt its clothing and shoe industries and promise to crush hopes that it can attract investment from other countries in the region. This was reported by a Cambodia -based investment adviser, who refused to identify. He added, “There is nothing that can present Cambodia as a negotiating device, and will be in the back of a long line.”