Trump Tariffs: Southeast Asian Nations Hustle To Strike Trade Deals Ahead Of Deadline — Here's Where They Stand

Southeast Asian nations are scrambling to renegotiate trade terms with the United States as a new wave of tariffs looms.

Singapore, Vietnam, Malaysia and Thailand have all signaled their willingness to strike new deals with President Donald Trump, whose 90-day pause on reciprocal tariffs ends in July.

As negotiations unfold, the region's export-driven economies are treading a fine line between preserving access to U.S. markets and upholding relations with China, America's top economic rival.

On Monday, Singapore's Deputy Prime Minister Gan Kim Yong said that the country has been talking with the U.S. about concessions on pharmaceutical exports from the Southeast Asian nation.

Gan, also the Trade Minister of Singapore, spoke with U.S. Commerce Secretary Howard Lutnick on a call and said progress has been made in areas such as the export of high-end AI chips from Singapore.

Gan said, however, that the present 10% tariffs on exports from Singapore might not be up for negotiation.

U.S. goods trade with Singapore totaled $89.2 billion in 2024. More than 10% of Singapore's exports to the U.S. are pharmaceutical products, and the country is seeking a concession to protect its manufacturing industry.

Singapore is also negotiating access to powerful Nvidia chips amid U.S. concerns that they are being rerouted to China.

"We take a very serious view of companies which violate our rules and regulations, and also, we do not condone companies who take advantage of their presence in Singapore to undermine export controls in most popular countries," Gan had assured Lutnick on the call, according to the trade ministry's website.

Singapore's neighbors, who have been subjected to much higher reciprocal tariffs, are also trying to negotiate a trade deal before the 90-day tariff pause expires.

Vietnam has started trade negotiations with the U.S., its trade ministry reportedly said last week. The country has been hit with a 46% tariff rate, one of the highest.

According to a Reuters report, Vietnam is tightening controls on exports of goods bearing the "Made in Vietnam" label to the U.S. It is also looking to cut its $123 billion trade surplus with the U.S. through defense, aerospace, and energy deals.

While talks between Thailand and the U.S. were delayed after the Trump Administration asked for a review, the U.S. is Thailand's biggest trade partner, and its exports could be pressured by the 36% reciprocal tariffs imposed on it.

Thailand's southern neighbor, Malaysia, said last week that it is open to negotiating with the United States on non-tariff barriers, lowering its trade deficit, and exploring a bilateral trade agreement.

The Global X FTSE Southeast Asia ETF (ASEA) has fallen 1.8% year to date (YTD). In comparison, the Invesco QQQ Trust (QQQ), which tracks the Nasdaq 100, and the SPDR S&P 500 ETF Trust (SPY) have fallen 8.1% and 6.6%, respectively.

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