China filed a World Trade Organization (WTO) complaint on Wednesday against US President Donald Trump's new 10% tariff on Chinese imports, and his cancellation of a duty-free exemption for low-value packages, arguing the actions are "protectionist" and break WTO rules.

While China shows little sign of vulnerability to a price shock for now, the same can’t be said for the rest of the world if some spiral of tariffs unfolds. Multiple economies face latent inflation pressures, either domestic or external.

The U.S. threatening to impose new tariffs on imports from Canada, Mexico, and China has raised concerns about global trade tensions, as any country with a significant trade deficit with Washington could become a target, including Vietnam.

U.S. President Donald Trump has suspended tariffs on goods from Canada and Mexico but continues to impose them on China, raising concerns about similar measures against other trade-surplus countries, such as Vietnam.

Singapore is not expected to be hit by trade tariffs from the United States, but still stands to be indirectly impacted as it is a small and open economy, said Foreign Minister Vivian Balakrishnan.

The US government's decision to impose punitive tariffs on major trading partners will impact Southeast Asia, and the region's export-dependent economy could face long-term repercussions, analysts said.

Many businesses are concerned that the US-China trade war and potential global trade conflicts could hinder Vietnam's exports of goods and agricultural products in 2025.

The decision by US President Donald Trump to ban Chinese companies from using a US tariff loophole will hit tens of billions of dollars of trade, and reduce China’s economic growth this year, according to new estimates by economists at Nomura Holdings Inc.

It is too early to determine whether the tariffs imposed by the United States on Canada, Mexico and China will harm or benefit Malaysia, said Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz.

Trump's new trade policies could impact Việt Nam's economy, requiring careful monitoring and strategic adjustments.