Vietnam struggles economically after Trump tariffs

US President Donald Trump’s sweeping tariffs, aimed at much of the world, have officially taken effect. Outside of China, Southeast Asia is among the hardest hit, especially Vietnam and Cambodia, which now face tariffs of 46% and 49% respectively. Thailand, Indonesia, and Malaysia follow with 36%, 32%, and 24%, while the Philippines and Singapore face smaller levies of 17% and 10%.

These new tariffs are a major setback for a region that has built its economic success on exports, especially to the US. For instance, exports to the US make up 23% of Vietnam’s GDP and 25% of Cambodia’s. The sudden rise in tariffs puts that growth model at serious risk.

Countries like Vietnam, Thailand, and Cambodia will face significant challenges if the tariffs remain. Vietnam’s foreign policy of balancing relations with both China and the US — often called “bamboo diplomacy” — is now under pressure. Under new Communist Party chief To Lam, Vietnam had aimed to become a high-income, tech-driven economy by 2045, with plans for 8%+ annual growth largely reliant on US trade. That goal is now in jeopardy.

Thailand is less reliant on US exports, with under 10% of its GDP linked to them, but its struggling economy can ill afford another blow. The government’s recent failed attempts to revive growth — like legalizing gambling — haven’t helped.

Cambodia could face the biggest political fallout. The garment industry, employing 750,000 people, is a critical source of jobs for the poor. Tariffs threaten mass job losses and could destabilize the authoritarian regime led by Hun Manet, son of former leader Hun Sen. The government has long relied on offering economic perks to maintain elite support, but real estate is faltering and public discontent is growing.

In response, Southeast Asian governments are opting for diplomacy rather than retaliation. Vietnam has sent Deputy PM Ho Duc Phoc to Washington, offering to drop tariffs on US goods. Thailand and Malaysia plan similar outreach, offering trade concessions and increased purchases of American goods.

Still, the Trump administration remains unmoved. Trade advisor Peter Navarro dismissed Vietnam’s zero-tariff offer as inadequate, accusing it of hiding non-tariff barriers and acting as a trans-shipment hub for Chinese goods. He claimed that a third of Vietnamese exports to the US are actually Chinese — though studies estimate the real figure at 7–16%.

Cambodia too has asked for a delay in tariffs. The local American Chamber of Commerce backs this, warning that harsh tariffs won’t revive garment manufacturing in the US but will devastate Cambodian workers.

Myanmar, meanwhile, has been hit with a 44% tariff — despite being a war-torn country with minimal trade links to the US. Like Cambodia, its garment sector is one of the few sources of regular income for poor urban families.

Ironically, Trump has previously enjoyed popularity in the region. Vietnam appreciated his bold foreign policy stance, and Hun Sen once flaunted his personal rapport with the US president. Just last month, Cambodia praised Trump for shutting down US-funded broadcasters that gave voice to opposition figures.

Now, however, much of Southeast Asia finds itself appealing to the very leader they once admired — hoping he will soften the economic blow.

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