{"id":82323,"date":"2024-11-12T00:00:00","date_gmt":"2024-11-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/11\/12\/market-concerned-over-potential-impact-of-trump-tariffs-on-asia\/"},"modified":"2024-11-12T00:00:00","modified_gmt":"2024-11-12T00:00:00","slug":"market-concerned-over-potential-impact-of-trump-tariffs-on-asia","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/11\/12\/market-concerned-over-potential-impact-of-trump-tariffs-on-asia\/","title":{"rendered":"Market concerned over potential impact of Trump tariffs on Asia"},"content":{"rendered":"

<\/strong>The US\u2019s potential <\/strong>tariff hike under Trump<\/a><\/strong> threatens several Asian players<\/strong> other <\/strong>than China<\/strong>, including South Korea, Taiwan, and Vietnam, Goldman Sachs tells CNBC<\/a>. The US bilateral trade deficit with China has somewhat decreased since the Trump administration; however, deficits with other Asian exporters have risen considerably and may face greater scrutiny, according to Andrew Tilton, Goldman Sachs' chief Asia-Pacific economist. <\/p>\n

India, Japan also at risk: <\/strong>\u201cWith Trump and some likely appointees focused on reducing bilateral deficits, there is a risk \u2013 in a sort of \u2018whack-a-mole\u2019 manner \u2013 burgeoning bilateral deficits could eventually prompt US tariffs on other Asian economies,\u201d Tilton said. India and Japan, which run trade surpluses with the US, could also be at risk, he went on to say. Asian countries could attempt to lower existing trade surpluses with the US and \u201cdeflect attention\u201d via various means, such as shifting imports to the US.<\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

Open economies should watch out:<\/strong> Trump's proposed tariffs are expected to cause \u201cgreater pain\u201d to more open economies in the region, with Taiwan being more vulnerable to this impact than Korea or Singapore, according to Barclay Bank economists. \u201cWe see Thailand and Malaysia in the middle, with Thailand estimated to take a slightly larger hit,\u201d the note added. <\/p>\n

Europe is also assessing how it can contain or counter the tariffs<\/strong>, CNBC<\/a> reports. Economists warn that it remains uncertain whether Trump\u2019s tariffs on Europe will be \u201cas damaging as feared,\u201d as noted by ING economists in a report last Friday, or if they will merely serve as \u201ca bargaining chip designed to unlock wider foreign policy deals.\u201d Nevertheless, there have been calls in Europe for the bloc to start preparing retaliatory actions, with the director of Germany\u2019s Ifo Center for International Economics urging the EU to \"strengthen their position through their own measures.\"<\/p>\n

Canada\u2019s Montreal port lockout begins<\/strong>:<\/strong> Canada\u2019s Maritime Employers Association (MEA) has declared a lockout at Montreal Port, after 99.7% of Montreal Longshoremen\u2019s union members rejected a final offer made for a new labor contract, Reuters<\/a> reported. The offer included a 3% salary increase per year over four years and a 3.5% increase over the two subsequent years. All longshoring at the port will be locked out effective last night, with only essential services unrelated to longshoring to continue.<\/p>\n

REMEMBER-<\/strong> Unionized workers launched a strike last week<\/a> at two Termont-run terminals at Montreal Port, which are responsible for handling 40% of the port\u2019s container traffic.<\/p>\n

The offer was rejected due to the MEA\u2019s refusal to negotiate<\/strong>, says the union. \u201cIf the MEA had respected the collective bargaining process, solutions would have been found and a conflict at the Port of Montreal would have been avoided,\u201d said union adviser Michel Murray in a statement cited by the newswire. The lockout is set to impact some 1.2k port workers and slow Canadian exports and imports. The port handled some 8.7 mn metric tons in 3Q 2024 alone.<\/p>\n","protected":false},"excerpt":{"rendered":"

Stories on our radar this morning from around the world<\/p>\n","protected":false},"author":1,"featured_media":82324,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[149],"tags":[148,369,433,32,54],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-82323","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-around-the-world","tag-around-the-world","tag-canada","tag-montreal-port-strike","tag-trade","tag-us","wpautop","entry"],"acf":{"mongo_id":"00c7193b-b98d-4b87-828f-a3e76ccbbd5e","order":"11","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/2323.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Market concerned over potential impact of Trump tariffs on Asia","related_issue":[82305],"teaser":"Stories on our radar this morning from around the world","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.e0eceedc-2141-4c4e-b4f8-89410c914138.mp3"},"yoast_head":"\nMarket concerned over potential impact of Trump tariffs on Asia - 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