Apec report takes aim at Trump tariffs

Asia should brace for a near-stagnation of trade and a sharp economic slowdown in the region this year due to escalating tariffs, experts from the Asia-Pacific Economic Cooperation said yesterday.

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Trade ministers from the top economies that make up Apec were meeting in South Korea yesterday as global trade cooperation falters, with US President Donald Trump’s tariffs upending markets and long-established trade systems.

Experts now expect a meagre 0.4% growth in exports for the Asia-Pacific region this year, a sharp slowdown from 5.7% in 2024, according to an Apec report released yesterday.

Higher tariffs and retaliatory measures are leading to “a loss of investor confidence, weakening demand, and could eventually affect jobs”, Carlos Kuriyama, director of the Apec Policy Support Unit, told a news briefing.

Imports are also projected to remain flat, rising only 0.1%.