Reference News Network, August 27 report - The Australian East Asia Forum website published an article titled "Asia Must Be More Determined to Promote Regional Trade Liberalization to Overcome the Difficulties Caused by Trump's Trade Policies" on August 25. The following is a translation of the content:

Several months ago, the United States announced its "Liberation Day" tariff plan, and the subsequent 90-day tariff suspension period has now ended, but there are no signs that the volatility of U.S. trade policy is easing. Recent developments include new tariffs imposed by the U.S. on India, expanding the list of steel and aluminum tariffs, and an unusual investigation into imported furniture as a threat to national security. The pace of U.S. tariff imposition has not slowed, but it has been some time now, and it is possible to reflect on how the region has responded to Trump's chaotic trade policies and their consequences.

For ASEAN, the political and economic issues caused by tariffs are particularly challenging. About 30% of Cambodia's GDP and about 25% of Vietnam's GDP come from exports to the U.S. Even economies like Australia or Indonesia, which have less dependence on the U.S., face threats from vulnerable sectors within their borders. This means that no country can remain indifferent.

ASEAN responding together to the U.S. will be more effective than each country responding individually.

Of course, so far, the huge economic threats posed by tariffs have made a completely unified response seem unattainable. Additional agreements have become a necessity.

The difficult diplomatic work ahead is to prevent negotiations completed in an emergency from becoming unchangeable divisions.

Compared to Trump's transactional economic order, Asia has better alternatives. The region has agreements such as the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which are viable pathways. Deepening these agreements can offset the increased costs caused by U.S. tariffs on the region and ensure that the region's markets continue to remain open to the majority of global trade activities.

The economies of the Asia-Pacific region cannot wait for external forces to restore order. The best defense against a zero-sum game world is to promote integration rather than division. If the region uses its own institutions to maintain market openness, it will greatly help in maintaining and leading the reconstruction of a multilateral system during this difficult period. (Translated by Hu Xue)

On September 8, 2023, a cargo ship was moored at the Pasir Panjang Container Terminal in Singapore loading and unloading goods. (Xinhua)

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