US urges Asean to commit to ‘fair and balanced trade’ amid tariff concerns
Growth in Asean economies is expected to slow to 4.5 per cent on average in 2025 due to the impact of US tariffs, according to S&P
Washington’s trade tsar, who was in Kuala Lumpur to attend a meeting with the economic ministers from the Association of Southeast Asian Nations, said on Wednesday that the US welcomed trade with the 10-member group.
“We hope, however, that it is balanced and reciprocal,” Greer said in his opening remarks just before his closed-door meeting with the Asean ministers.
Regional economists have cut growth forecasts for Asean after US President Donald Trump imposed tariffs of between 10 and 40 per cent on its member states in recent weeks, which he said were necessary to address Washington’s steep trade deficits with its trade partners. Asean’s exports to the US rose by 16 per cent to US$312 billion last year.
Greer added that the US was keen to continue working with Asean to expand trade that would benefit both sides and create a “prosperous world economy”.
Malaysia, which is this year’s Asean chair, said on Tuesday that the bloc’s economic ministers would leverage an existing trade and investment agreement during their meeting with Greer, in a move seen as an attempt to negotiate better access to the US market.