📝Japan And SK Auto Industries Most Affected On U.S. Trade: Natixis

In response to Trump tariffs on global steel and aluminum, Vietnam imposed anti-dumping duties on China for 120 days with tariffs ranging from 19.4% to 27.8% to protect domestic steel firms. Meaning, the impact of the coming steel and aluminum tariff is worst for Japan and South Korea if the exemptions are removed. Meanwhile, the rest of Asia faces status quo.

For auto, Japan and South Korea will be most affected. In Southeast Asia, Thailand and Vietnam would be more impacted. Overall, autos primarily impact North Asia. Some companies already deployed FDI into the US and thus some South Korean and Japanese companies are in the position to avoid tariffs but overall, it would lead to lower jobs in those countries should the tariffs go ahead. China already faces high curbs so there is limited impact. For the rest of EM Asia, it is largely muted. - Natixis