How Asia Should Respond to US Protectionism
The Trump administration seems set on pursuing a destructive protectionist path. But, rather than retaliate, Asian economies should use the threat of broader US tariffs as an opportunity to revamp their development models, thereby boosting their own prosperity and resilience, not to mention their positions as constructive global actors.
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SEOUL – Over the last five decades or so, Asia’s economies have relied largely on an export-oriented development model to support rapid economic transformation and growth. But with US President Donald Trump fulfilling his promise to adopt a more protectionist approach to trade – an effort that could spur retaliatory measures by other countries – that model is coming under increasing strain.