Kuala Lumpur: Southeast Asian leaders have voiced “deep concern” over the US’s move to impose unilateral tariff measures that could pose a significant threat to regional economic growth and global trade.
In a statement released after the conclusion of the 46th Asean Summit here, the bloc said the tariffs could fuel volatility in capital flows and exchange rates.
“We express deep concern over the recent announcement by the US to impose unilateral tariffs and their potential impact on our economies,” the bloc said in a rare show of collective disapproval towards global economic powers.
But despite the potential fallout, Asean said it would not respond with retaliatory measures and instead pledged to keep the lines of communication open with Washington.
“We will continue to engage in a frank and constructive dialogue with the US, and commit not to imposing any retaliatory measures in response to the US tariffs,” the statement said.
On April 3, US president Donald Trump announced a series of new tariffs that directly increased import duties on Southeast Asian imports, hitting Cambodia, Laos, and Vietnam the hardest. Malaysia was slapped with a 24% tariff while Singapore received the lowest of 10%.
During an earlier press conference, Prime Minister Anwar Ibrahim said Asean had agreed that any decision on the tariffs must be based on collective consensus to prevent undermining member states.
Asean economic ministers agreed on April 10 not to impose retaliatory measures, opting instead for dialogue with Washington to address trade issues.
Crosshairs on Myanmar’s stalled peace process
Leaders also reaffirmed their position on Myanmar, maintaining that the country’s participation in Asean remained limited to the non-political level due to the military junta’s lack of progress in implementing the five-point consensus (5PC).
The statement condemned the continued violence against civilians and public infrastructure, urging all parties to “cease indiscriminate violence, exercise maximum restraint, and ensure the safety and protection of all civilians and civilian infrastructure”.
While Asean leaders acknowledged the progress made by the Asean Coordinating Centre for Humanitarian Assistance on disaster management in delivering humanitarian aid to Myanmar, they said more international funding was urgently needed to expand relief work and support internally displaced persons.
Despite the challenges, Asean also welcomed the fresh proposals exchanged during recent informal consultations aimed at accelerating the stalled implementation of the 5PC.
