U.S. President Donald Trump has introduced a new import tariff policy effective August 1, 2025, which will affect 14 countries, including all ASEAN nations.The policy is its "retaliatory tariff" part of a strategy aimed at reducing the U.S. trade deficit, and tariffs may be adjusted based on each country's bilateral relationship with the United States. Vietnam's rate was reduced to 201 TP3T from the originally planned 461 TP3T, and it also agreed to impose a 401 TP3T tariff on third-country (e.g., China) products that are re-exported to the U.S. through Vietnam. The main exports are electronics, textiles, footwear, and agricultural products, with a trade deficit of $123.5 billion with the U.S. (the highest in ASEAN), and a strengthened position in coffee and fisheries, thanks to special agreements and production efficiencies. Indonesia downgraded to 191 TP3T from 321 TP3T initially announced, despite export growth, but raw material-dependent export structure makes it vulnerable to U.S. tariff policies. The main export products are palm oil, cocoa, coffee, textiles, semiconductors, trade deficit with the U.S. 17.9 billion U.S. dollars, in the field of coffee and Vietnam's fierce competition in the organic and sustainable coffee and other segments of the market has the potential. Malaysia's 25% is up from 24% announced in April, and the government has said it will continue to dialog with the U.S. and has scheduled a Cabinet meeting to discuss follow-up responses. Its main exports are electronics, semiconductors, and electrical products, and it has succeeded in reducing its trade deficit and is seen as capable of filling the void left by China in the technology products market.
Thailand 36%, on the other hand, maintains higher tariffs, and the Deputy Prime Minister has indicated that a new proposal has been submitted to the U.S. to gain more U.S. market access for Thai agricultural and industrial products, and to increase imports of U.S. energy and airplanes. Major exports are computer parts, rubber products, and gemstones, with a trade deficit with the US of $45.6 billion (second highest in ASEAN). The Philippines rose from 171 TP3T to 201 TP3T, still lower than some other ASEAN countries. Its main exports are electronics, machinery, garments, and gold, and although its exports are relatively small, its more competitive tariffs keep its products competitive in the U.S. market. Cambodia downgraded from 49% negotiations to 36%, with key negotiators calling on investors and workers in the garment sector to remain calm. The main exports are textiles, garments, shoes and bicycles, and about 1 million garment workers are affected by the policy, with the government promising new negotiations. Laos was downgraded from 481 TP3T to 401 TP3T, but remains one of the higher tariffs in ASEAN. The main export products are textile fabric shoes, wooden furniture, electronic components, fiber optics, and the trade deficit surged by 194.4%, with exports facing greater pressure. Myanmar from 44% slightly downward to 40%, Myanmar military government spokesman said it is ready to continue negotiations. Its main export products are garments, leather products and seafood, and it faces great challenges from domestic political and economic instability. Brunei was revised upward to 25% from 24% previously, and is directly affected by the tariffs due to its dependence on exports of energy and manufactured goods to the U.S. Its main exports are mineral fuels, machinery and equipment. The sharp rise in tariffs has become a focal point in the U.S.-Singapore stabilization of trade relations, as Singapore has seen a significant upward adjustment to 25% from 10% previously, with its main exports being high-tech products and financial services. The policy has led to significant changes in the ASEAN export pattern to the U.S., with Vietnam becoming the "biggest winner" and Indonesia, Cambodia, Myanmar and other countries needing to negotiate individually to maintain the competitiveness of their exports in the U.S. market.
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