Price Of Protection: Inside The Global High-Stakes Response To Tariff Turmoil

To find out how companies are coping with rising trade tensions and currency volatility, we asked our writers across key regions—Southeast Asia, Japan, India, and the United States—to speak with manufacturers and exporters on the ground.

Southeast Asia

Bill Padfield, CEO of Salamander Associates—VC Business Consulting

Salamander has been closely monitoring the ripple effects of US trade policy across Southeast Asia. Padfield argues that the tariffs promulgated by the Trump administration have generated enormous hesitation in the business community. “First the pause button goes on; capital investment is halted, hiring is halted,” he adds.

In Southeast Asia’s technology manufacturing sectors, steel is a critical component. “Tech manufacturers often have steel in products,” Padfield says. “For Singapore, we have a 10% tariff, so life goes on—except what if we need steel?”

If a company’s product contains 40% steel, the ambiguity is paralyzing, he adds. “[The manufacturer] has no idea at this point how to calculate and adjust, so he cannot safely procure or price his product.” Padfield also warns of a broader, looming concern: “And so far, tariffs have been on physical products. What about services and capital flows? Will services be included and if so when … this is a grim worry for Singapore, Hong Kong, and Dubai.”

Gary Dugan, CEO of the CIO Office of Milltrust’s East West Private Wealth—Multi-Family Office Services

Dugan sees a clear shift underway. “Business leaders are actively seeking non-US solutions for customers and suppliers for their future growth. The US may be the largest economy in the world but now it is fast becoming one of the most unreliable.”

Simple risk mitigation for a company is now “how do I reduce my exposure to US policy making?” Encouraged by talk of new free trade zones elsewhere in the world, companies are actively exploring new manufacturing bases such as the Middle East, where there is an abundance of support from the governments in the form of ultra-low taxes, land, workers, and top-class logistics.

Vietnam

As the US considers reimposing steep tariffs on Asian imports, business leaders in Vietnam are watching closely. From M&A advisors to food exporters, the proposed trade shifts under the Trump administration could reshape everything from pricing strategies to regional market priorities. Nguyen Dung Yoong, CEO of advisory firm Ideainvest; Ignas Petrusis, founder of Saigon Fruits; and other company executives, share how they’re preparing their businesses—and their partners—for a more protectionist US trade environment.

Nguyen Dung Yoong, founder and CEO Ideainvestor—SME Consulting

Global Finance: How is your company reacting to Trump’s tariff plans?

Nguyen Dung Yoon: Ideainvestor, while not a direct exporter, works closely with a network of SMEs across Vietnam and Southeast Asia—many of whom are active in electronics, agri-processing, light manufacturing, and textile garment. The Trump-era tariffs have added volatility and margin pressure to these sectors, and further escalation would intensify the challenge.

GF: Are you finding solutions to the tariff challenges?

Yoon: To support our partners, we’re piloting an AI-based platform that assesses SME resilience across financial, operational, and customer dimensions—enabling targeted interventions such as supplier diversification or contract restructuring. This gives us a real-time view of tariff exposure across our ecosystem.

GF: Will expanding to other markets be essential if the proposed tariffs come in full force?

Yoon: If reciprocal tariffs on Vietnam are imposed, we expect upward pressure on wholesale and consumer pricing. That said, we see strong opportunities in APAC—particularly in Japan, South Korea, and India—and are advising our partners to deepen these opportunities.

Ignas Petrusis, founder of Saigon Fruits—Food Export-Import Company

GF: Have the Trump tariffs had a material impact on Saigon Fruits’ business partners?

Petrusis: At first, contracts with importers in America came on short hold as soon as the tariffs were announced. Later, once Vietnam and America agreed on a “90-day break,” demand and inquiries triple-folded. So far, we’re optimistic about the negotiations. It would be difficult to shift production elsewhere because we’d need to move our food technologists, equipment, and allocate new managers. That would cost us much more in terms of cost, time, and effort. It’s easier to simply “split the cost” between the importer in the US and our company, Saigon Fruits.

GF: What happens to wholesale/retail prices if the proposed 46% reciprocal tariffs on Vietnam come into effect?

Petrusis: Supposedly, export prices should—in my humble opinion—drop a little bit to relieve the burden on the customers.

GF: How significant will APAC be as a buyer of Saigon Fruits’ affiliates’ products going forward?

Petrusis: Some countries like Thailand and Cambodia have similar climate zones and product variety. As for highly advanced economies like Japan, China, or Korea—we’ve seen steady and growing export volumes to those destinations. Nevertheless, we’re also seeing growing demand in countries like Uzbekistan, Kazakhstan, and others in the Middle East. They could be a promising new market for our products.

GF: What is the mood among food exporters in Vietnam right now? Is there any optimism?

Petrusis: Vietnam wasn’t the only country affected by the tariffs. For instance, if Cambodia or China were to receive higher tariffs after the final negotiations, it would boost Vietnam’s competitiveness in terms of cost base for the importer. At least among our colleagues, partners, and suppliers, the mood is optimistic—many believe exports will keep rising. Furthermore, Vietnam has at least 16 active Free Trade Agreements, including the ones with Europe, South American, and Middle East countries. It is truly a showcase of good negotiation skills and win-win thinking implementation from the Vietnamese side.

Bruno Jaspaert, CEO of Belgium-based DEEP C Industrial Zones—Industrial Zone Developer and Operator

As Vietnam prepares for the potential return of steep US tariffs under the second Trump administration, industrial real estate leaders like DEEP C are keeping a close eye on the ripple effects. The company, which operates five eco-industrial parks across Haiphong City and Quang Ninh Province, is one of Vietnam’s largest zone developers.

GF: Have the Trump tariffs had a material impact on DEEP C’s business?

Bruno Jaspaert: So far, there has been no impact as zero projects have been delayed or canceled so far. Initially, there was concern that some investors might reconsider their plans. However, an assessment of all companies slated to acquire land in DEEP C industrial zones across Hai Phong and Quang Ninh this year revealed that none of these projects will be postponed or aborted. This indicates that companies which have committed to investing are currently sticking to their plans, which is a positive sign.

GF: Have DEEP C’s customers formulated a strategy to mitigate tariff impact?

Jaspaert: We generally see two distinct groups. One group says it’s too difficult to predict future events and chooses to continue with their plans, confident that their current strategy is the best course of action for now. The other group expresses uncertainty due to market volatility and unknown future measures the US will take, opting to wait before committing. This second group currently represents the minority; the majority of companies are proceeding with their strategies.

GF: Is there likely to be an impact on DEEP C’s customers’ wholesale/retail prices if the proposed reciprocal tariffs on Cambodia come into effect?

Jaspaert: Most of DEEP C’s customers are focused on manufacturing of goods that do not focus on the US as the main market. The segments that are hit worst are typical low-margin markets, such as furniture, sport goods, garments, and textiles—of which we have none with Washington, D.C.

GF: How significant will markets outside the US—i.e., APAC, Europe or Canada—be as a buyer of your customers’ products in the domestic industry going forward?

Jaspaert: The US stands for 300 million consumers. The TAM (total addressable market) for the consumer in Asia is worth $4 billion. If tariffs make the US a prohibitive market, companies will adapt and lean toward other markets or aim for more intra-Asian trade.

GF: What is the general mood among exporters in Vietnam right now?

Jaspaert: Except for the heaviest hit markets, most distributors are sticking to a “wait-and-see” approach. Companies cannot change their strategies overnight and definitely not every 90 days. Rather than diving in, they are awaiting the final call before making strategic adjustments. Those companies that are hit badly are currently running at full speed to export the most to benefit from the current 10%.

India

Indian companies are also weighing the ripple effects on global supply chains, trade relationships, and cost structures. From tech consulting to textiles and industrial manufacturing, Global Finance spoke to two India-based executives on how policy shifts may reshape sourcing decisions and create new market opportunities.

Deepak Jajoo, CFO of Delaplex Limited—Technology and Consulting Services

“While services are currently not subject to tariffs, we provide technology and consulting services to a broad range of US-based industries such as energy, warehousing, logistics, etc. The primary impact of such policy changes is likely to be on manufacturing and physical goods. Since the policy details are yet to be finalized, we believe the changes will not have a major effect on the IT industry at this stage.”

Sabu Jacob, Chairman and Managing Director of Kitex Group—Textiles and Apparel Manufacturing

“The US has paused [some] tariffs, leaving some uncertainty for buyers about where to source their products, but even if these tariffs take effect, India will still be the most affordable option for buyers.” 

Sabu Jacob, Kitex Group’s Chairman and Managing Director

Jacob explained that India’s trade relationship with the US is more balanced compared to countries like Cambodia, Vietnam, China, Bangladesh, and Sri Lanka. “India doesn’t just export to the US—it also imports heavily from them. This makes India a valuable trade partner, and the US is looking for more such balanced relationships.”  The tariff situation could also push businesses to explore new markets. For instance, the recent India-UK free trade agreement allows 99% of Indian goods to enter the UK duty-free, covering almost all trade between the two nations. “A similar free trade agreement with the EU could open even bigger opportunities for India’s economy.”

Japan

David Semaya, Executive Chairman and Representative Director of Sumitomo Mitsui Trust Asset Management Co., Ltd.—Asset Management

Semaya says Japanese companies are taking a “wait-and-see” approach as tariff negotiations between the US and Japan remain unresolved.

“Regarding the mutual tariffs imposed by the United States, many Japanese companies are currently assessing the situation. Following the US-UK agreement, both the US and Chinese governments have agreed to reduce the additional tariffs they imposed on each other by 115%. As a result, the US will lower its tariffs from 145% to 30%, while China will reduce theirs from 125% to 10%. Since negotiations between the US and Japan are ongoing, and the outcome is still uncertain, Japanese companies are choosing not to finalize any strategies at this moment and are responding according to the present state of negotiations.

“The financial markets have reacted significantly, in terms of stocks, bonds, and currencies, since the mutual tariffs were announced. It is reported that some institutional investors, including hedge funds, have incurred losses. On the other hand, individual investors engaged in practices such as dollar-cost averaging seem to have navigated the situation successfully. Focusing on long-term investments appears to be crucial during these times.”

United States

Tony Sage, CEO of Critical Metals Corp.—Critical Metals and Minerals Supplier

“For Critical Metals, and the critical minerals space more broadly—tariffs are no stranger to us. We’ve been in our own mini trade war with China for some time now, which really ramped up when they banned their own exports of key rare earths, including gallium, last year. Critical Metals views the push to build a domestic supply chain for critical materials in the US and the West as a positive tailwind for our business. It aligns with our longstanding vision to develop key assets that can help the West reduce its reliance on foreign countries. Our Tanbreez asset in Greenland, a 4.7 billion ton resource, is one of the world’s largest rare earth deposits, and it’s expected to be key in reducing the West’s reliance on China for rare earths.

“It’s also worth noting that the US’s domestic rare earth and critical minerals industry is still in its infancy—the US excluded rare earth elements from the tariff program because the country must rely so heavily on other sources right now. Tariffs may draw more attention to US producers, but what we feel is really going to move the needle is funding and strategic partnerships with US-focused companies to operationalize rare earth mines and refining capacity in the US as quickly as possible. Seeking relief for rare earth export restrictions isn’t enough, we believe the US government needs to back Western developers and help establish refining capacity in particular.

“As we’ve consistently maintained since our founding, securing critical minerals is a non-partisan national security imperative. Our assets provide exactly what policymakers across the political spectrum are seeking—reliable, high-quality resources in politically stable jurisdictions.”

Jeet Basi, President and Executive Chairman of Tactical Resources Corp.—Rare Earths Mineral Exploration and Development

“At Tactical Resources, we see measures to promote the building of domestic supply chains for the United States as a tailwind. We are focused on American assets for American rare earth production and American rare earth supply to support the production of semiconductors, electric vehicles, advanced robotics, and most importantly, national defense. Tariffs are just one tactic, as its broader and bigger than that. While there is economic uncertainty, we are benefiting from a broader geopolitical interest in securing critical mineral supplies in the US. This demand is stemming from both the federal government and the private sector, and we believe that’s only going to increase.

“The bottom line is that China has a substantial lead in the rare earths sector, and the US is racing to catch up. China currently controls roughly 90% of global rare earth production, despite accounting for only about one-third of global deposits. Tactical Resources is planning to change that with our Peak Project, which is one of the only REE hard rock direct-leach-extractable projects in the world, and is located southeast of El Paso, Texas. But tariffs won’t be enough for the US to build an integrated domestic supply chain of rare earths. The industry needs capital, price stability, streamlined permitting processes (efforts are underway for this aspect), and to establish refining capacity as quickly as possible.”

Cassandra (Gluyas) Cummings, CEO at Thomas Instrumentation Inc.—Custom Electronics Manufacturing Services

“The Trump administration’s policies are helping our business. For years we couldn’t compete with foreign pricing, but having tariffs in place at least have US companies taking another look at US manufacturing. They are sometimes still choosing to stay with their foreign manufacturers, but for years, we couldn’t even get a conversation started as everyone just assumed US manufacturing would be too expensive. It doesn’t have to be, and we can be fairly competitive in some areas.

“The tariffs aren’t affecting our supply chains too badly. It has increased some costs of our raw materials like the higher-end electronic chips that are only manufactured overseas. That said, it’s fairly small, and we do keep decent in stock inventory for our major customers. Our profit margins are very low, so we inevitably have to pass along any additional tariff charges to the customers. We are doing our best to identify US or lower tariff region alternatives where the cost makes sense. It’s just about being flexible, which we all learned to do during the global parts shortage of 2021.”

Heather Perry, CEO of Klatch Coffee—Specialty Coffee Distributor

“The short story is that some of our costs are going up, immediately, but the longer, more detailed story is that those increased costs are causing us to evaluate our sourcing, importing, and roasting strategies. We need to be smarter to remain competitive in the current environment while still delivering great specialty coffee.

“Other than a very small amount of coffee produced primarily in Hawaii, the United States has essentially no domestic coffee industry. To meet the demand for total US coffee consumption, it’s almost entirely imported. That means there isn’t much of a domestic market to protect using a tariff strategy as a disincentive to foreign imports—and we can’t simply stop importing coffee, no matter what tariffs might be put in place.

“Coffee was already becoming more expensive to source prior to the ‘Liberation Day’ tariffs, with a pretty substantial run-up in prices occurring in the fall of 2024, which accelerated further this spring. A new baseline 10% tariff under the Trump Administration on all imports impacts us on every imported coffee, and in addition to the new 10% baseline, even higher tariffs (in some cases, much higher) were announced for some coffee producing countries like Vietnam and Indonesia. While some of these have since been paused or delayed.

“Uncertainty around the exact details on any specific day are creating some challenges to plan and predict our future costs.”

Heather Perry, CEO of Klatch Coffee

“Our direct-trade model has insulated us somewhat from supply disruptions. Whenever possible, we source directly from coffee producers, leveraging relationships that go back decades in some cases. This results in fewer stops along the supply chain, helping us to control costs. Because we import, store, and roast our own coffee, we can elect to draw down existing stock instead of replacing it at current (higher) market prices, but eventually, we have to replenish our inventory, and that might happen during a time when new tariffs are applied.

“After a very long period of absorbing increases in our costs to import coffee, we raised prices on some coffees on June 1st of this year—about 10 cents per cup of brewed coffee on average—but we’re still selling the same amount of coffee, and at this time, can’t attribute a decline in foot traffic or sales to price increases.”