Trump plans significant tariffs on Mexico, Canada, and China impacting Asian economies

President-elect Donald Trump announced plans to impose significant tariffs on goods from Mexico, Canada, and China starting on his first day in office. This move aims to reshape trade relations with major partners, particularly in Asia. The tariffs could negatively impact Asian economies that depend on exports to the U.S. For example, Japan and South Korea have substantial trade ties with the U.S., with exports worth $145 billion and $116 billion, respectively, in 2023. Some Southeast Asian countries may benefit as companies shift production from China to avoid tariffs. However, the U.S. continues to face trade deficits with many Asian nations, with China, Mexico, and Vietnam being the largest.