Asia should strengthen cooperation not only through existing trade agreements but also by exploring new avenues — particularly in emerging technology sectors — to better navigate the mounting challenges of global protectionism.
This was the headline takeaway from the first panel discussion at The Korea Herald HIT Forum, held at the Korea Chamber of Commerce and Industry in Seoul on Thursday, as editors of three key news outlets — Nguyen Minh, editor-in-chief of Vietnam News; Wang Yu, business editor of China Daily; and Zakir Hussain, associate editor of Singapore’s The Straits Times — shared their observations on the unraveling impact of US tariffs on Asia.
A focal point was the US’ intensifying “divide-and-rule” tactics, pursuing country-by-country tariff negotiations that risk undermining regional solidarity. Notably, the US has imposed a 20 percent tariff on most Vietnamese exports — rising to 40 percent for goods classified as non-Vietnamese in origin — while Singapore faces a 10 percent levy.
Although Singapore faced a lower tariff rate, Hussain said it was perceived as “a slap, almost a betrayal,” given the country’s long-standing partnership with the US. He noted Singapore was among the first to sign an FTA with Washington and had long engaged the US through platforms like APEC, the precursor to the CPTPP.
Minh echoed Hussain’s view, warning that US tariffs could cut Vietnam’s growth by about 1 percent and hinder efforts to expand production and strengthen enterprise capacity. He further cautioned that investor confidence in Vietnam’s business climate may weaken due to rising uncertainty.
Despite ongoing trade frictions, Minh and Hussain emphasized Asia’s continued resilience, stressing the need to strengthen regional collaboration through the Regional Comprehensive Economic Partnership, CPTPP and other agreements, as well as individual FTAs to reduce reliance on a single market such as the US.
In particular, Hussain stressed the need to forge alliances in the digital economy, noting that, unlike RCEP and CPTPP, Digital Economy Agreements focus on data flows, digital payments and artificial intelligence standards. Singapore has led these initiatives, presenting them as a complement to trade pacts and a model for Asia’s digital connectivity and innovation.
Hussain said Singapore and Korea already had a Digital Economy Agreement, with similar initiatives emerging within the ASEAN region. He argued that Asia should take the lead in advancing such pacts to create new value-added trade, especially as volumes with the US and other global markets decline.
hyejin2@heraldcorp.com
![[Exclusive] Ateez to return in November](https://wimg.heraldcorp.com/news/cms/2026/09/02/news-p.v1.20260902.76162fb0ba55493aad1c076f240d0750_R.jpg?type=h&h=120)