KUALA LUMPUR (AFP) – Economic ministers of the ASEAN regional bloc committed yesterday “to not impose any retaliatory measures” against the United States (US) over sweeping tariffs and said they were ready to engage in talks.
The ministers said retaliation would not be beneficial as the US was ASEAN’s biggest source of foreign direct investments and second-largest trading partner in 2024.
“ASEAN, being the fifth-largest economy in the world, is deeply concerned over the recent introduction of unilateral tariffs by the US, including the tariffs announced on April 2 and subsequently the most recent suspension on April 9,” the ministers said in a statement issued after a video conference meeting.
Despite that, the ministers said they were ready “to engage in a frank and constructive dialogue with the US to address trade-related concerns”.
“Open communication and collaboration will be crucial to ensuring a balanced and sustainable relationship. In that spirit, ASEAN commits to not impose any retaliatory measures in response to the US tariffs,” they said.
Malaysia’s Trade Ministry said in a separate statement that all ASEAN members were “united in the opinion that retaliation is not an option”.
The special meeting was chaired by Malaysia’s Minister of Investment, Trade and Industry Tengku Zafrul Aziz. Malaysia holds the rotating chair of the regional bloc, home to more than 650 million people.
A separate in-person meeting of finance ministers and central bank chiefs was also being held in the Malaysian capital of Kuala Lumpur yesterday.
ASEAN members, which count on the US as their main export market, were among those hit with the toughest levies by US President Donald Trump.
Manufacturing powerhouse Vietnam was hit with a 46 per cent tariff on exports to the US while neighbouring Cambodia – a major producer of low-cost clothing for big Western brands – was slapped with a 49 per cent duty.
The other ASEAN members hit with hefty tariffs are Laos (48 per cent), Myanmar (44 per cent), Thailand (36 per cent) and Indonesia (32 per cent).
Malaysia, Southeast Asia’s third-largest economy, was hit with a lower tariff of 24 per cent.
Brunei Darussalam also faces a 24 per cent tariff, while the Philippines was hit with 17 per cent and Singapore 10 per cent.
Following chaos in the global markets, Trump on Wednesday announced a 90-day pause on the tariffs. “Nothing is certain but uncertainty when it comes to Trump tariffs!” Malaysian Trade Minister Zafrul wrote on social network LinkedIn earlier yesterday.
