- U.S. plans additional trade agreements with Southeast Asian nations soon.
- Tariffs affect ASEAN exports, with Vietnam facing $25 billion potential loss.
- U.S. emphasizes balanced, reciprocal trade to support global supply chain stability.
The U.S. anticipates completing trade agreements with additional Southeast Asian nations in the next few months, U.S. Trade Representative Jamieson Greer stated in a meeting with regional peers on Wednesday.
Greer addressed attendees in Kuala Lumpur at the beginning of a gathering with economic ministers from the 10-member Association of Southeast Asian Nations, amid worries within the export-dependent group regarding the effects of U.S. tariffs on their economies
Tariff rates have been established at 19% and 20% for the majority of the area. Laos and Myanmar are facing a 40% tariff, whereas Singapore has a 10% rate.
Greer mentioned that discussions with the relevant countries regarding the tariffs have been advancing positively, leading to the announcement of some agreements, while others will be concluded "in the upcoming weeks or even months, for some."
The United States announced it has reached deals on tariffs with Indonesia and Vietnam, although the nations claim they are still completing the terms.
Vietnam, the sixth-largest exporter to the United States globally, faces the potential loss of $25 billion each year due to the 20% tariff on its products, making it the most affected economy in the region, based on estimates by the United Nations Development Programme.
In a combined statement released on Tuesday, ASEAN economic Ministers acknowledged the "negative impact and uncertainty" stemming from the tariff environment and cautioned about a decline in regional trade performance in the latter half of 2025, attributed to the advance shipment of exports before the tariffs take effect earlier in the year
The ministers raised concerns regarding increasing protectionism and unilateral trade actions, which they claim "pose significant risks to the multilateral trading system and the stability of global supply chains".
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In his statements, Greer mentioned that the United States embraced trade with ASEAN, but it needs to be "balanced and reciprocal".
"We believe that there are many areas where our interests align, and we can work together to achieve shared goals of bringing reciprocity and balance to the global trading system," he said.
However, the grouping might be compelled to adopt a more cohesive stance due to the threats of increased sector-specific tariffs on industries such as semiconductors, which play a crucial role in economies such as Thailand, Malaysia, and Vietnam.