Rhetoric of peace and shared progress

US President Donald Trump's tariff pronouncements jolted economies around the world, heightening global anxiety and sparking fears of global trade war and recession all within the context of a post-pandemic global economy.

- Joe Zaldarriaga

China was the hardest hit, with Trump imposing a hefty 54 percent tariff — 34 percent on top of an already announced 20 percent — on Chinese imports.

In retaliation, China announced a 34 percent tariff on US goods.

Trump then threatened to escalate the trade conflict further with another 50 percent tariff on Chinese goods, potentially resulting in 104 percent tariff on certain products.

Beijing is not backing down and has vowed to "fight to the end."

While the world anxiously watches the unfolding US-China trade tensions, the consequences are already being felt across the world.

Global markets plunged into turmoil following Trump's announcement of sweeping tariffs on almost every nation.

Asian stocks were hit as seen in their sharpest drop in decades.

The ripple effects of Trump's protectionist approach are far and wide, even haunting Southeast Asian markets.

Trump insisted that this tariff strategy will boost the US economy and protect American jobs.

However, this "America First" policy of Trump has disrupted the global trading system, shaking highly diverse economies that are tightly integrated in supply chains particularly those from ASEAN — from manufacturing powerhouses like Vietnam to financial hubs such as Singapore.

As an ally of the US and an active trading partner of China, the Philippines again finds itself in an awkward and uncomfortable position of being caught in the middle of great power rivalries.

This, as tensions rise in the Indo-Pacific with alarming headlines about a possible invasion of Taiwan by China under the watchful gaze of the US.