Big Take
Another Trump Term Is Coming. Is Asia Ready?
Nov 13, 2024
Daniel Ten Kate, Bloomberg’s executive editor for Asia economy and government, joins a panel to discuss the potential consequences of a second Trump term on Asian economies. They dive into the complexities of U.S.-China relations and the possible rise in tariffs that could impact countries like China and India. The conversation touches on how Southeast Asian nations are strategizing through regional partnerships to navigate these challenges. With an unpredictable geopolitical landscape ahead, the experts underscore the importance of strategic preparedness.
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Quick takeaways
- Trump's potential presidency may impose high tariffs threatening China's economy, which is already fragile from various internal crises.
- Asian nations are proactively adjusting their trade strategies to capitalize on emerging opportunities while navigating the risks of U.S. protectionism under Trump.
Deep dives
Impact of Tariffs on China
The potential return of Donald Trump to the presidency raises significant concerns for China's economy, which is already facing challenges due to a property crisis and lingering effects of COVID-19 lockdowns. Trump has indicated plans to impose tariffs as high as 60% on Chinese imports, a move that could deeply affect China's annual growth rates. Despite these threats, China has been diversifying its export base to mitigate reliance on U.S. markets, which could help cushion the economic blow. The prospect of higher tariffs not only threatens China's economic stability but also raises the risk of higher prices for American consumers.
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