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In a world of higher tariffs, Asia must leverage its trade agreements
Global trade is set to take a hit, but deglobalisation doesn’t have to be every country’s destiny.
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A refrigerator assembly line at a Chinese factory in Jiangsu province. Under the incoming Trump administration in the US, China is expected to face significantly higher tariffs than other countries.
PHOTO: AFP
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After the Trump administration takes charge in Washington in January 2025,
This means the rest of the world has to inoculate itself against the impact of the tariffs. If they materialise, global trade will take a hit. The US is, after all, the world’s biggest economy and importer, accounting for around 15 per cent of world imports. Bloomberg estimates that 20 per cent of all goods traded globally either go to the US or come from there.
