IMF said escalation of tit-for-tat tariffs among major trading partners will hit all nations' growth prospects.
Former US president Donald Trump has vowed to end America's reliance on China, create millions of jobs and grow the economy.
He made good on his protectionist promises in his first stint in the White House from 2016 to 2020, when he pulled out of the Trans-Pacific Partnership negotiations during his first week in office. In addition, he has promised to levy a tariff of 60 per cent – or more – on all imports from China and to revoke its permanent normal trade relations status, formerly known as most favoured nation status.
Most analysts believe that meaningful changes in fiscal policy, such as tax cuts, or any attempt at undermining the independence of the US Federal Reserve will require control of both houses of Congress. Even in a Republican sweep scenario, legislation would be time-consuming and would likely happen later.
If all the tariffs currently under discussion are imposed, they could result in a delayed drag of 1.4 per cent on real gross domestic product growth and a more rapid boost of 0.9 per cent to inflation in the US, said Mr Tirupattur. The MAS report showed that as at 2023, Asia accounted for around 70 per cent of global electronics exports, broadly unchanged since 2015. Meanwhile, Asean’s share of these exports increased by 5 percentage points, to 18 per cent, over the same period.
He said Trump has also pledged to crack down on tariff evasion and trade diversion, which could result in collateral damage for Asean and discourage Chinese manufacturing investments in the region.
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