Overview

• U.S. Trade Representative Jamieson Greer is meeting ASEAN ministers in Kuala Lumpur to discuss a trade and investment agreement as the tariff regime drives the agenda.
• Current U.S. rates stand at 19% to 20% for most Southeast Asian economies, rise to 40% for Laos and Myanmar, and drop to 10% for Singapore.
• UNDP estimates Vietnam could forgo about $25 billion each year under a 20% duty, making it the region’s most exposed exporter.
• The prospect of a roughly 100% U.S. tariff on semiconductors—exempting firms that manufacture in America or commit to do so—has increased pressure for a more coordinated ASEAN stance.
• Malaysia’s Tengku Zafrul Aziz said it was unclear whether tariffs would be formally discussed, and he confirmed ministers plan to raise the US–ASEAN Trade and Investment Framework Agreement.