Trump's election raises tariff concerns for multiple Asian countries beyond China

Donald Trump's recent election victory raises the possibility of new tariffs on not just China, but also other Asian countries. Goldman Sachs notes that trade deficits with countries like Korea, Taiwan, and Vietnam have increased, which may attract U.S. scrutiny. In 2023, South Korea's trade surplus with the U.S. reached a record $44.4 billion, while Taiwan's exports surged by nearly 58% in early 2024. Vietnam's trade surplus with the U.S. stood at $90 billion from January to September 2023. Trump plans to impose tariffs of 10% to 20% on all imports and up to 100% on Chinese goods. Analysts expect these tariffs could impact more open economies in Asia, particularly Taiwan, while prompting other countries to adjust their trade practices to mitigate potential tariffs.