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Investing.com-- Emerging Asian economies are bracing for the impact of new U.S. tariffs under President Donald Trump, with Vietnam, Malaysia, and Thailand positioned to benefit, while India, South Korea, and Singapore face heightened risks, according to a Natixis research note.
Trump has raised tariffs by 20% on all Chinese imports, with additional levies targeting steel, aluminum, autos, semiconductors, and pharmaceuticals.
Natixis analysts warn that India and Thailand are particularly vulnerable due to their high tariff differentials with the U.S., which could result in reciprocal trade measures.
Meanwhile, South Korea faces significant exposure to steel, auto, and semiconductor tariffs, while Singapore and India are at risk from potential pharmaceutical restrictions, analysts said.
In contrast, Vietnam, Malaysia, and Thailand could gain from supply chain shifts as companies seek alternatives to China, according to Natixis.
Malaysia, a key semiconductor exporter, stands to benefit unless chip tariffs are expanded, Natixis noted.
Vietnam, despite its reliance on U.S. exports, remains attractive for manufacturing investments, though any broad Asian tariffs could undermine its gains, Natixis analysts said in a note.
Analysts also highlighted broader geopolitical risks, including China’s retaliation against U.S. agriculture exports and possible disruptions to global trade routes.
If Trump expands tariffs beyond China, the impact on emerging Asia would be severe, analysts added.