ASEAN discusses ways to reduce negative impacts when the US unilaterally imposes tariffs

The Special ASEAN Economic Ministers' Meeting on US Tariff Policy was held online, chaired by the Minister of Investment, Trade and Industry of Malaysia as the ASEAN Chair in 2025. The Vietnamese delegation was led by Minister of Industry and Trade Nguyen Hong Dien, along with representatives from the Ministry of Foreign Affairs and units under the Ministry of Industry and Trade.

The conference was held in the context of the US government announcing the application of a basic reciprocal import tax of 10% on all imported goods from April 5 and additional tax rates on countries with large trade deficits with the US from April 9.

At the conference, ASEAN Economic Ministers highly appreciated the initiative of Malaysia - the ASEAN Chair 2025 in proactively proposing and organizing a special ASEAN Economic Ministers' Meeting to exchange, assess the situation and discuss ASEAN's strategic approach to the US unilateral imposition of tariffs on countries, including ASEAN, to protect regional economic interests and reduce negative impacts on businesses and people's lives.

The Vietnamese delegation attending the conference was led by Minister of Industry and Trade Nguyen Hong Dien.

Sharing Vietnam's viewpoint on the US's reciprocal tariff policy, Minister of Industry and Trade Nguyen Hong Dien said that Vietnam has been proactive in exchanges, dialogues and negotiations with the US. Vietnam believes that ASEAN needs to be united, calm and courageous in cooperation with the US; prioritize promoting cooperation with non-bloc partners in general and the US in particular in areas of mutual interest. Thereby, implementing long-term development goals, while enhancing ASEAN's position in the new context.

Minister Nguyen Hong Dien also acknowledged and supported the content of the joint statement discussed by Vietnam and ASEAN countries, emphasizing that the statement demonstrates ASEAN's solidarity and proactive role in the context of complex and unpredictable global trade developments. Vietnam supports ASEAN's comprehensive, flexible and practical approach to enhancing economic autonomy as well as promoting supply chain diversification through effective use of existing FTAs.

After discussions in a spirit of frankness, openness and cooperation, the ministers agreed to adopt the Joint Statement of ASEAN Economic Ministers, expressing the bloc's common stance on the US's imposition of reciprocal tariffs.

The joint statement affirmed the importance of the ASEAN-US comprehensive strategic partnership for regional economic growth, contributing to promoting peace and stability, and bringing practical benefits to both the region and the US. Currently, ASEAN is the 5th largest trading partner of the US, while the US is currently the second largest trading partner and largest investor of ASEAN.

The statement expressed ASEAN’s deep concerns over the negative impact of the new US tax policy, which could pose significant challenges to the business community, especially small and medium enterprises, potentially undermining global economic growth prospects, disrupting supply chains as well as trade and investment flows.

The statement reaffirmed ASEAN’s commitment to a rules-based, predictable, transparent, free, fair, inclusive and sustainable multilateral trading system with the World Trade Organization (WTO) at its centre. It also called on the US to engage in constructive and candid dialogue to address trade-related concerns and ensure a balanced and sustainable relationship.

Committed to continuing cooperation with the US in trade, investment and high value-added areas of mutual interest. Willing to strengthen cooperation with the US on existing cooperation mechanisms such as the ASEAN-Mtx Trade and Investment Framework Agreement (TIFA) and the Expanded Economic Engagement Work Plan (E3) to seek appropriate solutions to issues of mutual benefit.

The conference also agreed on a number of contents such as establishing a task force on ASEAN geo-economics to assess the impact on US tax policy and propose timely recommendations to support ASEAN's efforts in the process of exchanging and resolving concerns of both sides, and seeking cooperation opportunities in new areas of mutual interest.

Minh Thu

Source: https://doanhnghiepvn.vn/kinh-te/chinh-sach/asean-ban-cach-giam-tac-dong-tieu-cuc-khi-my-don-phuong-ap-thue/20250410022046657