Trump's new tariffs ignite fresh uncertainty for Asia's fragile economies

Trump has moved to reimpose tariffs on about 60 countries under Section 301, including China and several Asian partners, despite a Supreme Court setback, a move that comes as Asia’s economies grapple with Iran-related oil spikes, high inflation, and widespread currency weakness. The new levies threaten to stack atop existing duties, complicating supply chains and raising consumer prices while sparking market volatility and political pushback at home. Central banks across the region, from Japan to Indonesia and India, are already defending currencies amid a tightening global backdrop, making the tariffs a fresh source of risk for growth in the second half of 2026.