(Bloomberg) — President Donald Trump’s more broad definition of reciprocal tariffs unveiled last week likely exposes most Asian economies to US levies, according to economists at Nomura Holdings Inc.
Most Read from Bloomberg
Trump’s announcement of new levies based on total tariffs, as well as tax, regulatory and currency barriers, is hard to quantify, the analysts said, leaving room for him to widen the net of countries targeted in Asia.
“Broadening the criterion for imposing the reciprocal tax not only makes the process more complex and less transparent, it also increases the likelihood of the reciprocal tax being imposed across a broader swath of emerging and developed Asian economies” Nomura analysts led by Sonal Varma wrote in a note dated Friday.
Non-tariff barriers are highest in China, India, Indonesia, the Philippines and Thailand, they said. Developed markets including South Korea, which has a free-trade agreement with the US, are also at risk since they have other barriers including regulations and testing standards.
Most Read from Bloomberg Businessweek
©2025 Bloomberg L.P.
