Towards a Soft Landing: How ASEAN Can Mitigate a Global Recession Amidst Trump's Tariffs
Trump's reciprocal tariffs are expected to have a devastating impact on the global economy, causing a significant downturn in US and global stock markets, with trillions in losses and slower global growth. These tariffs are increasing volatility, global uncertainty, and risk. The global economy is on the brink of recession due to this 'tit-for-tat' dynamic, potentially leading to a 'Prisoner's Dilemma' where both parties suffer substantial losses by acting in their own self-interest.
Are there soft-landing options to mitigate the devastating impact of Trump's reciprocal tariffs and the negative consequences of the 'Prisoner's Dilemma'? Several potential soft-landing outcomes exist, and ASEAN is uniquely positioned to play a critical role in facilitating and increasing the likelihood of these outcomes, thereby promoting stability across economic, social, and political dimensions.
