Malaysian Prime Minister Anwar Ibrahim yesterday warned that global trade is being weaponized as Southeast Asia’s foreign ministers held annual talks.
Concerns about US tariffs have jolted ASEAN, a 10-member bloc that includes some of the world’s most trade-dependent economies.
Six members are among the 14 countries that could see duties on their exports to the US skyrocket on Aug. 1.
Photo: Reuters
Launching the group’s foreign ministers’ meeting, Anwar said the world is now witnessing an era where “power unsettles principle” and “tools once used to generate growth are now wielded to pressure, isolate and contain.”
Without mentioning the US by name, he again urged ASEAN to work together to respond to trade threats.
“Our cohesion must not end at declarations,” he said, calling for members to increase intra-ASEAN trade, invest in regional integration and reduce strategic dependencies on external powers.
“This is no passing storm,” he said. “It is the new weather of our time.”
US President Donald Trump first announced tariffs in April, but then delayed them for 90 days to allow for deals to be negotiated.
On Tuesday, Trump announced new tariffs with rates of 25 to 40 percent on 14 countries, which are to take effect on Aug. 1 unless new deals are struck.
He also threatened to increase tariffs if any countries retaliate.
Many ASEAN members have launched bilateral talks with the US, but officials have said they plan to hold an ASEAN-US summit to seek a common position.
So far, only Vietnam has secured a deal, bringing down its tariffs to 20 percent from 46 percent.
The list threatens 36 percent tariffs for Thailand and Cambodia, 32 percent for Indonesia, 25 percent for Malaysia, and 40 percent for Laos and Myanmar.
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