BANGKOK -- Southeast Asia appears vulnerable to Donald Trump's threat of universal tariffs and a renewed trade war with China. Five of the region's six largest economies run trade surpluses with the U.S.
But all is not lost for Southeast Asia. Geopolitically neutral, the area saw an increase in gross trade with both China and the U.S. between 2017 and 2020 during the first Trump presidency. Vietnam, Indonesia, Malaysia and Thailand won big as companies from China, Japan, South Korea, Taiwan and the U.S. relocated from China or duplicated their manufacturing bases in Southeast Asia to avoid U.S. tariffs.
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