Asia takes big tariffs hit: Vietnam, Thailand most affected, while exemptions ease impact for India, Singapore | snaps
US President Trump announced a blanket tariff of 10% on US imports, though most APAC countries are being hit with an additional 10% or more on top of that rate. The largest tariffs seem targeted at countries exporting lower-value-added items like footwear, furniture, garments, and textiles. Vietnam, which after China has the largest trade deficit with the US, faces a 46% tariff. Cambodia got hit with a 49% tax, while Sri Lanka got 44% and Bangladesh got 37%.
The largest economies in the region, such as India, Japan, and South Korea, are relatively better off with tariffs in the 24-26% range. Additionally, their key manufacturing sectors with substantial exports to the US, like pharmaceuticals and semiconductors, benefit from tariff exemptions.
Thailand and Taiwan face relatively higher tariffs due to their larger trade surpluses with the US. In contrast, Australia and Singapore have relatively low tariffs at 10%, reflecting their smaller bilateral trade deficits with the US.
