Asian Finance Ministers Outline a Joint Response to Trump Administration’s Trade Pressure

China and the U.S. anchor Malaysia’s ASEAN-first neutrality; 2024 trade data and October ASEAN summits will put the policy to a live test.
A January 2025 file image of a poster with the logo of the Association of Southeast Asian Nations (ASEAN) at a Foreign Ministers' gathering in Malaysia. Photo by MOHD RASFAN / AFP

As U.S. President Donald Trump dominated headlines with the announcement of further tariffs (this time on movies), Asian finance ministers quietly launched the continent’s newest set of strategies to lessen its exposure to the United States. This follows the meeting of finance ministers and central bank governors of the ASEAN + 3 group (the ten member states of the Association of Southeast Asian Nations, as well as China, South Korea, and Japan) in Milan on Sunday.

The joint statement, while conservative and jargon-laden, provides a glimpse of notable shifts in response to ongoing trade pressures from Washington. It seems to show a new unity between the economic powerhouses of Northeast Asia, despite their many disagreements, and their alignment with the emerging powers of Southeast Asia, currently led by Malaysia.

  • Get a daily email packed with the latest news and analysis from Africa, Asia, and across the Global South.
  • Read exclusive insights on the key trends shaping China’s relations across the Global South.
  • Full access to the News Feed that provides daily updates on Chinese engagement in the Global South.

China, Africa and the Global South... find out what’s happening.

Subscribe today for unlimited access.

OR

Already a subscriber? Log in Click Here to Learn More
by CGSP Staff

Most Read

1
Developing Countries’ Debt Servicing Costs to China Are Significant, but Nowhere Near as Much as Other Creditors
2
Uncertainty Roils Minerals Markets
3 Chinese Scholars See Russia’s Venezuela Strategy as a Model of Hybrid Power Projection in the U.S.’ Backyard
4 From J-10C to Kaan? Indonesia’s Fighter Jet Deal With Turkey Shocks Chinese Military Fans
5 Chinese Military Fans Discuss Why Indonesia Bought Rafale Instead of J-10C
6
Indonesia Goes Nuclear, Taps China and Russia for Modular Reactors

You Might Like

China, Japan and South Korea are exploring a trilateral currency swap as existing Yuan, Won, and Yen lines near expiry.

China Eyes Trilateral Currency Swap With Japan and South Korea

China is talking with Japan and South Korea about a trilateral currency swap, a person familiar with the matter said. The aim is to build a stronger regional financial backstop as ...
A worker producing solar photovoltaic modules for export overseas at a new energy enterprise in Lianyungang, China, on June 24, 2024. CFOTO / NurPhoto via AFP

China Slams U.S., Urges to Abandon Tariffs on Solar Panel, Warns of Climate Risks

China on Thursday slammed the United States’ move to impose tariffs as high as 271% on solar panel imports from Southeast Asia, calling it a protectionist measure that jeopardizes global climate efforts. The tariffs, ...
Trump is imposing steep tariffs on major US trading partners Canada, Mexico and China, with a lower rate on Canadian energy imports, said the White House on February 1, 2025. Washington will impose a 25 percent levy on imports from Canada and Mexico, with a 10 percent rate on Canadian energy resources, until both work with the United States on drug trafficking and immigration. Goods from China, said the White House, would face 10 percent tariffs.

Trump’s Tariffs on China, Canada, and Mexico Spark Swift Retaliation, Fueling Trade War Fears

Trump’s tariffs, U.S. trade war, China retaliation, Canada and Mexico tariffs dominate the headlines as United States President Donald Trump announces sweeping tariffs on China, Mexico, and Canada, setting the stage for ...
Chinese President Xi Jinping will arrive in Vietnam on Monday, April 14, 2025, for a two-day state visit that is expected to yield around 40 new cooperation agreements between ministries, agencies, and localities.

China Condemns U.S. Tariffs: Fentanyl Is America’s Problem

China on Sunday forcefully criticized the United States’ decision to impose a 10% tariff on Chinese exports, calling Fentanyl is America’s problem and warning of severe economic consequences. Beijing vowed to ...

What is The China-Global South Project?

Independent

The China-Global South Project is passionately independent, non-partisan and does not advocate for any country, company or culture.

News

A carefully curated selection of the day’s most important China-Global South stories. Updated 24 hours a day by human editors. No bots, no algorithms.

Analysis

Diverse, often unconventional insights from scholars, analysts, journalists and a variety of stakeholders in the China-Global South discourse.

Networking

A unique professional network of China-Africa scholars, analysts, journalists and other practioners from around the world.

More about CGSP