One year of Trump tariffs: What has changed and what’s next for South-east Asia?

[SINGAPORE, JAKARTA, KUALA LUMPUR, HO CHI MINH CITY] On Apr 2, 2025, US President Donald Trump imposed a 10 per cent baseline tariff on most imports, alongside additional reciprocal duties tied to trade surpluses, leaving several South-east Asian economies among the hardest hit.

One year on, the region appears to have weathered the tariff shock, supported largely by temporary buffers including the front-loading of shipments, delayed implementation of duties, and sector-specific exemptions.

In an unexpected turn, the “Liberation Day” tariffs were later struck down by the US Supreme Court, which ruled that the president had overstepped his powers.