Crisis Management for a Conflict with North Korea
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Asian trade needs restructuring because of tariffs
VTV News | Local Language | News | June 13, 2025 | Supply Chain Issues
In its Global Economic Prospects report released on June 10, the World Bank adjusted its 2025 global growth forecast from 2.7% to 2.3% due to the detrimental effects of tariffs and trade volatility. The Asia-Pacific region is anticipated to experience significant challenges, necessitating economies and businesses to adapt in order to mitigate negative outcomes. Economic growth in East Asia-Pacific is projected to decrease from 5% last year to 4.5% this year, largely attributed to escalating trade tensions and policy instability.
Mr. Ayhan Kose of the World Bank emphasized that developing countries must forge strategic partnerships, enhance trade linkages, and expand their financial capacity. He remarked on the need for increased cooperation in a fragmented world. Trade diversification is becoming essential for many economies to manage risks. For instance, China's export turnover to the US dropped by 34.5% in May due to tariffs, but this decline was compensated by robust growth in ASEAN, EU, and African markets.
Mr. Surajit Rakshit from HSBC Vietnam noted that approximately 38% of Asian companies plan to increase trade with South and Southeast Asia, while intra-Asian trade and trade with Europe and the Middle East are expected to rise. In contrast, 28% of companies foresee a decrease in trade with North America. To effectively address trade and tariff risks, the World Bank advises regional economies to boost investment in innovation and enhance competitiveness through new technology and digitalization.
According to HSBC, many businesses view trade pressure as a driver for innovation, with 77% of surveyed companies seeking new opportunities and product development as a result. Around 58% reported implementing new technologies and platforms to enhance internal efficiency and optimize cost structures. Experts believe that resilience and proactive adaptation will enable businesses in the region to minimize the adverse effects of tariffs amid a fluctuating global trade environment. Additionally, the US government has agreed to commence tariff negotiations with Thailand, although a specific date for the sessions has yet to be revealed.