Financial Associated Press, November 11th (Editor Liu Rui): With Trump winning the US presidential election, it has raised concerns in the market about tariff issues.

Despite concerns about the increased difficulty in trade between China and the USA under Trump's 'tariff stick', Goldman Sachs stated that China may not be the only Asian country facing this dilemma.

Other export countries in Asia may also face the 'tariff stick'.

During the campaign, one of Trump's core campaign propositions was to impose 10-20% tariffs on all imported goods and a hefty 60% tariff on all imported Chinese goods. After Trump won the election, tariff issues also became the focus of the market.

Recently, Andrew Tilton, Chief Asia-Pacific Economist at Goldman Sachs, stated in a report that despite the decrease in the US-China bilateral trade deficit since Trump's previous term, the US's trade deficit with other Asian export countries has significantly increased - indicating that the US may scrutinize other Asian export countries more strictly.

He said: "Due to Trump and his potential cabinet focusing on reducing bilateral trade deficits, there is a risk that the Trump administration may address trade issues in a 'whack-a-mole' manner. If bilateral deficits rapidly increase, it could eventually lead the US to impose more tariffs on more Asian economies."

Last Friday Eastern Time, Barclays analysts wrote in a report: "Trade policy may be the area where Trump has the greatest impact on Asia's emerging markets in his second term."

Barclays economist Brian Tan and others believe that Trump's proposed tariff plan is most likely to cause "greater pain" to open economies in Asia.

South Korea, Vietnam, and others are likely to be the first to bear the brunt.

US data shows that in 2023, the US trade deficit with China narrowed from $346.83 billion in 2016 to $279.11 billion. However, at the same time, many other Asian countries have seen an increase in their trade surplus with the US.

Goldman Sachs' Tilton pointed out that South Korea, Vietnam, and Taiwan region of China have achieved huge trade surpluses.

In 2023, South Korea's trade surplus with the US reached a record high of $44.4 billion, with the US being the largest source of South Korea's trade surplus.

In the first quarter of this year, Taiwan's exports to the US reached a record $24.6 billion, a 57.9% year-on-year increase.

In addition, from January to September this year, Vietnam's trade surplus with the US was $90 billion.

Goldman Sachs also points out that India and Japan have trade surpluses with the US: Japan's trade surplus remains relatively stable, while India's trade surplus has slightly increased in recent years.

Titon expects that in the future, these Asian trading partners may try to reduce these surpluses and divert the attention of the Trump administration through various means, such as increasing imports from the USA where possible.

Editor/ping