Kyodo News: Draft of ASEAN Foreign Ministers' Meeting Warns that Unilateral Tariff Actions Threaten the Global Economy
Kyodo News, July 8 report, the draft joint statement of the ASEAN Foreign Ministers' Meeting shows that the Association of Southeast Asian Nations (ASEAN) expressed "deep concern" over the Trump administration's unilateral tariff policies and emphasized the urgency of maintaining a multilateral trade system. The draft points out that U.S. tariff increases have increased global economic uncertainty, especially impacting ASEAN countries with concentrated manufacturing industries. Data shows that Vietnam has been forced to lower tariffs on some goods exported to the United States to cope with trade pressure, while about 15% of categories in ASEAN's exports to the United States face additional tariffs, including electronic components, textiles, and agricultural products. ASEAN Secretary-General Lim Jock Hoi warned in a closed-door meeting, "Protectionist measures may trigger a chain reaction, undermining the stability of regional supply chains." Although the draft does not directly name China, analysts point out that ASEAN countries are cautiously responding to the spillover effects of the Sino-U.S. trade war - China is ASEAN's largest trading partner, with bilateral trade volume reaching 6.41 trillion yuan in 2023, accounting for 20% of ASEAN's total foreign trade. Dr. Subashini Raman, Director of the Malaysian Institute of International Trade, emphasized, "Any action that weakens global trade rules will hit emerging economies, and ASEAN must speak with one voice." The final statement of the meeting will be released in Kuala Lumpur soon.
Original article: https://www.toutiao.com/article/1837044428917760/
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