Driving new Asian trade will increase US states’ GDP
US President Donald Trump is attending the APEC summit in Vietnam where trade is high on the agenda
Source: Sources: IMF Direction of Trade Statistics; ISEAS Yusof Ishak Institute; US-ASEAN Business Council; East-West Center; US Bureau of Economic Analysis, Oxford Analytica
Outlook
US President Donald Trump will meet world leaders at the APEC summit in Vietnam’s Danang city tomorrow.
Trump’s administration says it wants to reduce the US trade deficit. It is therefore seeking to drive new US sales opportunities in Asia -- 15 deals between China and the United States worth 250 billion dollars have been announced by Trump and China’s President Xi Jinping. The White House says it also wants to ensure trade rules are harmonised for maximum trade advantage.
Impacts
- Trump’s team will prioritise Asia-Pacific trade over human rights.
- US states with a strong trade relationship with ASEAN will be able to build on this and perhaps diversify into new exports.
- ASEAN’s growing middle class and emerging financial and technological architecture imply increasing opportunities for US services firms.
- For security and political reasons, the US government will encourage Asian countries to reduce trade and cooperation with North Korea.
- US firms could face Asian protectionism challenges.
See also
- ASEAN’s 2018 chair likely to bring more stability - Nov 24, 2017
- Cambodia opposition ban will help government for now - Nov 22, 2017
- Philippine-US leaders meeting will refresh alliance - Nov 17, 2017
- South-east Asia-US trade preferences debates beckon - Oct 18, 2017
- More graphic analysis