The US economy is facing uncertainty due to impending tariffs, which could worsen inflation and hinder growth. The Federal Reserve's Personal Consumption Expenditure (PCE) data has slowed as expected, boosting hopes for an interest rate cut in June. Market sentiment remains fragile, with traders closely watching the consequences of tariff increases, particularly from China, Canada, Mexico, and Europe. Gold prices are likely to remain volatile, while oil prices were unaffected by recent market fluctuations. The European Central Bank is expected to announce its interest rate policy next week, with a higher likelihood of a rate cut due to the ongoing economic downturn.
https://www.brecorder.com/news/40350904/us-economic-indicators-growth-and-business-activity-taperingSingapore Defence Minister Ng Eng Hen has assessed the new world order under President Donald Trump's second term, stating that America's primacy has become a dominant consideration in its foreign policy, potentially at the expense of bilateral and multilateral ties. In Europe, Mr. Trump is focusing on countries with trade surpluses with the US, such as Ukraine, and is seeking "rent" from them for security commitments. This approach has been evident in his decision to side with Russia over European allies in the conflict in Ukraine. In contrast, Asia is unlikely to receive a similar quid pro quo approach due to the intense Sino-US competition, which may lead to decoupling. However, countries like Vietnam and Indonesia are at risk of being pressured to pay "rent" for US security commitments. Japanese Prime Minister Shigeru Ishiba has adopted a strategy of praising Mr. Trump, pledging to purchase more energy from the US, and posturing Japan by securing US commitment to their alliance, but this approach may not guarantee protection from potential tariffs.
https://channelnewsasia.com/commentary/united-states-southeast-asia-trade-tariff-defence-ukraine-4966946South Korean Deputy Trade Minister Park Jong-won led the first major government delegation to visit Washington since Trump took office, asking for an exemption from steel and aluminium tariffs. The trip came after a similar request by Ahn, who met with US Treasury Secretary Scott Bessent in a video call, amid concerns over US tariff measures that will take effect in March. South Korea views the tariffs as a threat to its economy, which is among 20 countries with comprehensive free trade pacts with the US.
https://www.thenews.com.pk/print/1287830-south-korea-s-industry-minister-seeks-exemption-from-trump-s-tariffsSouth Korean Minister of Trade Ahn Duk-geun met with US Commerce Secretary Howard Lutnick, Interior Secretary Doug Burgum and Trade Representative Jamieson Greer in Washington. He discussed tariff exemptions for South Korean companies and strengthening bilateral cooperation in industries like shipbuilding. The meeting came ahead of the implementation of 25% steel tariffs on South Korea, which will take effect in March, and marked the first ministerial-level trade talks between the countries since Trump's second term began.
https://channelnewsasia.com/east-asia/south-korea-industry-minister-ahn-duk-geun-trump-tariffs-washington-4969221China's manufacturing activity rebounded to expansion in February with a PMI of 50.2, beating forecasts and indicating the effectiveness of Beijing's stimulus measures. The country's $18 trillion economy met its growth target of around 5% for 2024, but exports and industrial output outpaced retail sales, while unemployment remained high. To counter external pressures, policymakers have pledged higher fiscal spending, increased debt issuance, and further monetary easing. US President Donald Trump has announced an additional 10% duty on Chinese goods, which would result in a cumulative 20% tariff, prompting China to advise its AI leaders against traveling to the US due to security concerns.
https://www.brecorder.com/news/40350731/china-february-manufacturing-activity-hits-three-month-highSouth Korean Industry Minister Ahn Duk-geun has requested the US government to exclude South Korea from its new tariff plans, citing concerns over the impact on Korean companies. The request was made during a meeting with US Secretary of Commerce Howard Lutnick and other officials in Washington, D.C. Ahn's trip came amid growing tensions over US President Donald Trump's administration's plan to impose tariffs on steel, aluminum, cars, chips, and pharmaceuticals.
https://www.lokmattimes.com/technology/industry-minister-asks-us-to-exclude-south-korea-from-new-tariff-scheme-1/Interior Secretary Doug Burgum and US Trade Representative Jamieson Greer met in Washington this week to discuss tariff exemptions and strengthen bilateral cooperation between the US and South Korea. Minister Ahn discussed strengthening partnerships in shipbuilding and advanced industries with Commerce Secretary Lutnick, while also conveying concerns about US government's tariff measures and requesting exemptions. The two countries agreed to set up a working-level channel to discuss tariff-related issues and cooperation in the shipbuilding sector.
https://www.brecorder.com/news/40350730/south-koreas-industry-minister-seeks-exemption-from-trumps-tariffsUS officials are considering tariffs on Vietnamese goods, but some economists believe effective rates may be lower due to bilateral agreements. Vietnam is open to finding compromises and has discussed purchasing US liquefied natural gas for its energy industry, with no concrete steps taken yet. The country's trade minister has expressed openness to importing more US farm products, despite limited impact on trade imbalances. Vietnam has been sanctioned for transshipping Chinese goods to the US and imposed temporary anti-dumping duties on Chinese steel products. Talks are underway for Lockheed Martin C-130 Hercules military transport planes and a licence for Elon Musk's Starlink to provide satellite internet and security services in Vietnam. The government is issuing travel documents for Vietnamese nationals detained in the US, following US threats of tariffs and visa sanctions.
https://www.malaymail.com/news/money/2025/03/01/what-vietnam-is-considering-to-avoid-us-tariffs-import-deals-defence-talks-nuclear-power-and-more/168385