In the wake of President Trump’s Apr. 2 Liberation Day announcement, one thing is clear: Virtually all trading partners of the U.S will be subject to universal 10 percent duties, and China currently faces a 30 percent tariff, down from the highest tariff rate of 145 percent, following several rounds of retaliation against the U.S.

Beyond that, there is considerable uncertainty about what the magnitudes of tariff rates will be for most countries after President Trump announced a 90-day suspension of reciprocal tariffs. As economists assess how various regions will be impacted, however, many believe Asian economies will be among the hardest hit.

One reason is that the U.S. is Asia’s principal export market, while China is the dominant economy in the region and a leading supplier of imported goods. Accordingly, Asian economies are likely to feel the impact of slowdowns both in the U.S. and China.

The latest International Monetary Fund projections call for U.S. growth to soften to 1.8 percent this year from 2.8 percent last year, and for China’s growth to slow to 4 percent from 5 percent. The IMF sees growth in emerging Asia softening to 4.5 percent this year from 5.3 percent in 2024.

Another consideration is that the criterion the........

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