Did Asean members get short-changed by Trump on trade deals with ‘strings attached’?
The individual deals signed by Trump with Malaysia, Cambodia, Thailand and Vietnam may lead to long-term economic costs, analysts say
Washington maintained the 19 to 20 per cent tariffs it had imposed on all four countries, but allowed for certain concessions, such as zero per cent tariffs on specific products and more commercial deals in exchange for wider market access for American goods.
Malaysia managed to secure zero tariffs on products including aerospace equipment, pharmaceuticals and key commodities such as palm oil, cocoa and rubber. Details on lower or zero levies for Thailand and Cambodia have yet to be released.
Trump did not address his previous threat of imposing a 100 per cent tariff on semiconductors, as well as 40 per cent on transshipments, with the latter aimed at curbing US goods from being exported to China via Asean.
Analysts said the concessions that the US made at the Asean summit, including limited tariff relief, were largely incremental.