archivesoutheast asia

On President Donald Trump’s much-touted April 2 “Liberation Day,” he unveiled a range of potentially debilitating “reciprocal” tariffs on the United States’ major trading partners—and most other countries as well. Surprisingly, some of the countries facing the highest tariffs after the April announcement were U.S. partners in Asia, such as Japan, South Korea, and Vietnam; Vietnam, a huge trading partner, was hit with a 46 percent “reciprocal” tariff. Trump also put tariffs on Cambodia—a whopping 49 percent for one of East Asia’s poorest countries—and even Australia, a critical security ally...

A decade ago, a traveler from Singapore visiting Bangkok or Jakarta would likely rely on U.S. dollars or a global credit card to settle the bill. Today, things are changing. A Malaysian tourist in Thailand can pay for street food by scanning a QR code, with money instantly debited from their account in ringgit and credited to the vendor in baht. Such small conveniences are part of a broader, quiet revolt in Southeast Asia – a concerted effort by regional governments to reduce their reliance on the U.S. dollar in...

The Indonesian rupiah yesterday fell to its lowest level since the Asian financial crisis of 1998, reflecting concerns about the government’s fiscal trajectory and the uncertainties about incoming U.S. tariffs. According to The Jakarta Post, the rupiah momentarily fell to around 16,654 against the U.S. dollar, its weakest since June 1998, before recovering slightly. The currency has been one of the worst performers in emerging markets in 2025, declining by more than 3 percent since the start of the year. Tuesday’s reading was slightly lower than the previous low of...