Most analysts expect Trump to eventually levy at least 10% tariffs. Henrietta Trez, head of economic policy research at consulting firm Veda Partners, said that with the completion of the Vietnam agreement, Malaysia, Thailand and the Philippines may be subject to higher tariffs of 15% to 20% due to concerns about transit. The uncertainty that businesses and investors are most concerned about is industry-oriented tariffs imposed on national security grounds under section 232 of the Trade Expansion Act. Aluminum, steel, and automobiles are already affected by industry tariffs. Investors have been waiting for the US Department of Commerce's decision to impose tariffs on pharmaceuticals, semiconductors, timber, and other industries.

Most analysts expect Trump to eventually levy at least 10% tariffs. Henrietta Trez, head of economic policy research at consulting firm Veda Partners, said that with the completion of the Vietnam agreement, Malaysia, Thailand and the Philippines may be subject to higher tariffs of 15% to 20% due to concerns about transit. The uncertainty that businesses and investors are most concerned about is industry-oriented tariffs imposed on national security grounds under section 232 of the Trade Expansion Act. Aluminum, steel, and automobiles are already affected by industry tariffs. Investors have been waiting for the US Department of Commerce's decision to impose tariffs on pharmaceuticals, semiconductors, timber, and other industries.