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Trump’s tariff rollercoaster has investors on edge. Is it still a negotiating tactic?
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Courting allies
As Donald Trump’s turbulent tariff moves rattle global markets, Chinese President Xi Jinping is expected to use his first overseas trip of the year to present China as a more stable trade partner. Xi is visiting three Southeast Asian countries this week, starting with Vietnam on Monday, followed by Malaysia and Cambodia.
Working together: “We should work together with the Global South to uphold the common interests of developing countries,” Xi wrote in an article published in the official newspaper of Vietnam’s Communist Party. “The trade war will produce no winner, and protectionism will lead nowhere. Our countries should resolutely safeguard the multilateral trading system, stable global industrial and supply chains, and open international environment.”
Two sides: China is a major trading partner of Vietnam, Malaysia and Cambodia. But once the 90-day pause on Trump’s reciprocal tariffs ends, Vietnam will face a 46% tariff rate, Malaysia 24%, and Cambodia 49%. These countries are seeking exemptions, for which the U.S. laid out clear terms. “We will want to hear from countries including Cambodia, Mexico and Vietnam that you will stop allowing China to evade U.S. tariffs by trans-shipping exports through your countries,” Trump’s key adviser Peter Navarro said.
And it’s not just in Southeast Asia. China also aims to strengthen ties with the European Union as part of its diplomatic strategy to counter Washington’s moves to isolate the country. The bloc’s leaders are scheduled to meet with Xi in Beijing in July, at a time when the EU’s ties with Washington are strained. Take the WSB survey.
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