Trump tariffs intensify European exporters’ Asean focus, say business chambers in Singapore

[SINGAPORE] In the wake of US tariffs, Asean is gaining renewed attention from European companies as both an investment location and a source of demand, said business groups.

Nele Cornelis, executive director of the European Chamber of Commerce in Singapore, said: “The current trade environment has led European businesses to pay closer attention to South-east Asia as a strategic growth market.”

Earlier in April, US President Donald Trump slapped a 20 per cent “reciprocal” tariff on the European Union. Though on hold for 90 days from Apr 9, the rate rise makes the US less attractive to exporters – who now seek markets elsewhere.