Tariff tracker: Asean & China's moves before July 9 cut-off
Set to expire on Wednesday (Jul 9), the US-imposed pause on country-specific tariffs sent South-east Asian countries and China scrambling to secure last-minute deals and protect their economies from trade shocks.
US President Donald Trump, citing unfair trade practices and ballooning deficits, announced in April that higher tariffs would return unless partners came to the table. A 10 per cent blanket rate was imposed to allow room for negotiation, but he has threatened harsher duties on countries accused of rerouting Chinese goods.
Trump has said he will send letters beginning Monday to select trade partners, outlining the new rates, some as high as 70 per cent.
'We're going to be very busy over the next 72 hours,' Treasury Secretary Scott Bessent said over the weekend.
In the latest twist to the tariff tango, Trump warned of an additional 10 per cent levy on countries aligning with 'Anti-American' Brics policies, throwing a curveball just as Vietnam became the fourth Asean nation last month to gain formal Brics partner status, after Malaysia, Thailand, and full-member Indonesia.
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Brics is a grouping of nations that includes Brazil, China, Russia, South Africa and India.
'The outcome of these negotiations remains highly uncertain,' said Brian Lee, an analyst at Maybank. 'Washington is increasingly concerned about transhipment and the rerouting of Chinese exports through third countries.'
Spooked by the steep tariff threats, Asian markets tumbled in April but regained their posture as the 90-day reprieve calmed sentiments. Market reaction has lately been muted as investors price in further extensions or partial deals.
In this high-stakes tariff tango, The Business Times infographic breaks down where each country stands, what's been achieved, what's been conceded – and what's still in play as talks continue.
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