US firms flock to South-east Asia amid tariff turmoil – record business missions eye Vietnam, Indonesia
The growing contingent sizes are ‘emblematic’ of firms’ China-plus-one strategies, says business council chief
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AN UNPRECEDENTED wave of American companies is joining business missions to South-east Asia, spurred by President-elect Donald Trump’s escalating tariff threats that are piling the pressure on US firms with operations in China.
US-Asean Business Council president and chief executive officer Ted Osius said the council’s recent business missions have grown steadily, with major economies Vietnam, Indonesia, Thailand and the Philippines being “consistently highly subscribed”.
He noted that the growing size of business contingents reflects not only the US business community’s increasing eagerness to invest in a region he describes as a key driver of global economic growth, but also serves as a clear indicator of some companies’ adoption of “China-plus-one” strategies.
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