KUALA LUMPUR: ASEAN will engage in a frank and constructive dialogue with the United States to address trade-related concerns after Washington imposed tariffs on 168 countries including all members of the Southeast Asian grouping.
However, on April 9, US President Donald Trump announced he had paused reciprocal tariffs for three months, except for China.
In a joint statement issued after a special ASEAN Economic Ministers (AEM) meeting today, the ministers declared that the grouping would not impose any retaliatory measures in response to the US tariffs announcement.
The tariffs announced on April 2 which roiled global markets and the recent suspension has caused immense uncertainty.
They said that the import levies would bring significant challenges to businesses, especially micro, small and medium enterprises (MSMEs) as well as to global trade dynamics.
“Open communication and collaboration will be crucial to ensuring a balanced and sustainable relationship,” the ministers said, taking into cognizance that the US is ASEAN’s largest source of foreign direct investments (FDI) in 2024 and the grouping’s second largest trading partner.