Most Asean nations get softer US tariffs, mitigating growth risks ahead of Aug 7 hikes
But the 40% levy on transhipped goods now applies beyond Vietnam – a move analysts largely see as aimed at China
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MOST Asean countries have secured reductions of the US reciprocal tariffs ahead of the prior Aug 1 deadline for the higher tariffs to kick in, following months of intense deal-making and significant market access, trade and investment concessions.
According to US President Donald Trump’s executive order unveiled on Thursday (Jul 31), Singapore remains subject to a baseline rate of 10 per cent; the majority of South-east Asian economies face duties of between 19 and 20 per cent, which will now start on Aug 7.
Rahul Bajoria, Asean and India economist at BofA Securities, told The Business Times: “This is a better outcome than what was anticipated, but the rate of tariff is still much higher than what the status quo was.
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