Nelson Morales

Article (news)

Aneth Ng-Lim

<p>For years, I’ve heard it said that when the United States of America sneezes, the whole world catches a cold.  My economic professors have said this, the financial experts I’ve met through the years echoed this, and they seemed right as a number of economic milestones have shown this to be the case.  History will tell us that the US economy can serve as a major source of economic shocks that rock the rest of the globe.</p><p>Well, this was again proven true this month when US President Donald Trump announced sweeping new tariffs to nearly every market worldwide, including Southeast Asian countries.  While he later hit the pause button, and have also started to exempt some products, the writing on the wall is pretty clear: US tariffs will change and are headed for an upward trend.</p><p>Tariff is not exactly part of our everyday vocabulary, and some have mistaken this to be an issue for governments to handle, or for importers and exporters to worry about.  While that is partly right, it is also not completely true. </p><p>Whatever tariffs the US finally decides to impose on its trading partners, and any retaliatory tariffs sent its way, ultimately, the people who will bear the cost are you and me, the everyday consumer.</p><p>A recent survey of over 6,000 people across Singapore, Thailand, Malaysia, Indonesia, Vietnam, and the Philippines showed that consumers are already concerned over rising costs and will likely change their spending habits as a result of the ripple effects of the new US tariffs.  Conducted by Milieu Insight from April 4 to 7, 2025, the findings shed light on rising anxiety and economic unease with everyday citizens.</p><div><strong>Survey reveals widespread concern</strong></div><p>From the initial announcement by the US, the new tariffs would place a 46 percent tariff on Vietnam’s exports, 36 percent on Thailand’s, 32 percent on Indonesia’s, 24 percent on Malaysia’s, 17 percent on the Philippines and 10 percent on Singapore’s.</p><p>The survey revealed that 73 percent of respondents were aware of the tariffs.  Vietnam, which is facing one of the highest imposed rates, showed 84 percent awareness.  In contrast, only 56 percent of Filipinos said they were aware, possibly reflecting the lower 17 percent tariff rate affecting their country.</p><p>Concerns about how the tariffs might impact daily life were particularly high in Vietnam (78 percent), followed by Thailand (75 percent) Indonesia (73 percent) and Singapore (72 percent). Malaysians and Filipinos, while still wary, showed comparatively lower concerns.</p><div><strong>How tariffs will hurt consumers&#x27; wallets</strong></div><p>What’s driving this anxiety? A staggering 90 percent of people believe the tariffs will lead to higher prices for everyday goods. In Thailand, where the tariff is 37 percent, more than half said they expect prices to rise significantly.</p><p>The top 3 products seen to be hit badly by the change in tariffs are electronics and gadgets, food and beverages, and automobiles. Over 70 percent of Singaporeans expect electronics to take the biggest hit. Here at home, where Filipinos rely more on food imports, 67 percent pointed to food and beverage costs.</p><p>When asked about the potential national impact, 93 percent of Thais believed the tariffs would have a negative effect on their country, the highest level of concern across the region.</p><p>A majority of Singaporeans (59 percent), Filipinos (51 percent) and Malaysians (37 percent) expect the increased costs from businesses to be passed on to consumers if product prices rise due to tariffs. However, Thais (49 percent) and Vietnamese (48 percent) are counting on businesses to offer more discounts and promotions and cushion the negative effects. </p><div><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/1744617555842Official Milieu Insight SEA Chart_1_Low res.png" class="fr-fic fr-dib"/></div><div><strong>Time to change spending habits</strong></div><p>It looks like even the darkest tariff clouds have a silver lining.  The scare for tariffs is translating into stronger support for local products, with most respondents expressing increased interest in locally made goods.</p><p>Eighty seven percent of respondents who usually prefer international brands said the new tariffs make them more likely to purchase locally made products. Additionally, close to 4 in 5 (75 percent) said they would reduce their consumption of imported goods or switch to local alternatives.</p><p>In the future, 42 percent of Southeast Asians said they would prefer to reduce reliance on US imports by expanding domestic industries, while 40 percent called for implementing price controls or regulations on essential goods. Additionally, 34 percent expect the government to introduce subsidies to support local consumers and negotiate trade agreements with other countries.</p>

<p>Whatever tariffs the US finally decides to impose on its trading partners, and any retaliatory tariffs sent its way, ultimately, the everyday consumer will bear the cost.</p>

Whatever tariffs the US finally decides to impose on its trading partners, and any retaliatory tariffs sent its way, ultimately, the everyday consumer will bear the cost.

ASEAN consumers brace for impact of higher tariffs

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ASEAN consumers brace for impact of higher tariffs

Aneth Ng-Lim

Published April 14, 2025 04:26 PM PHT

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