HANOI: Asian firms are bracing for a tough 2025, with major socioeconomic challenges brought on by Donald Trump’s second term in office.
Trump, who was sworn in as the United States’ 47th president on Monday ( Jan 20 ), has repeatedly called tariffs “the most beautiful word in the dictionary”.
In his opening handle, he said he would probably implement them on America’s trading partners – a cornerstone of his vote strategy. As a member, he proposed up to 20 per cent common tariffs on goods from all nations.
This has led some to wonder if Vietnam may be second, and has become a major cause of concern for firms that are heavily rely on the US market for profits.
Among them is Sao Mai Trading, which exports 60 per share of its items– including clothes for health workers at clinics and hospitals – to the US.
“We experienced a surge in our company during the COVID-19 epidemic with desire for our products … skyrocketing in the US. We exported millions of products every month, ” said the company ’s international sales manager Pham Thi Thanh Hang.
The cloth factory – located in the South Asian nation’s north Hai Phong city – has since expanded to provide its American clients.
But when Trump secured his political victory next November, trust dropped at the stock of about 1,200 employees.