Trump’s 90-day pause on reciprocal tariffs offers welcome breathing room for Asia (outside China), and the region should avoid the worst of the fallout of the trade war. While the 10% universal tariff and sector-specific duties on autos (and possibly pharmaceuticals and semiconductors) will be a drag, with US tariffs on China set to remain much higher than on the rest of the region, Asian exporters are well placed to gain market share in the US as American firms seek alternative suppliers.
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