Photo: AFP
ASEAN and other Asian economic policymakers should bear in mind that the cost of President Donald Trump’s reciprocal tariffs on imports from scores of countries around the world will fall largely on consumers in the United States.
Despite the Trump administration’s claim of enforcing “reciprocal tariffs” to reclaim bargaining power, the data tells a different story. In 1940, the US accounted for around 40% of global trade. In 2022, that figure had dropped significantly with only 13% of global exports destined for the US. Today, roughly 87% of the world’s merchandise trade takes place outside the US.
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