巴克莱分析显示，越南面临全球最高的增值加权美国关税税率2.3%，越南有高达15.1%的国内增值部 分直接暴露在受美方关税影响的出口中。新加坡增值加权关税率仅0.5%，主要因半导体和药品暂时豁 免。但巴克莱警告，半导体和药品关税风险更大；若特朗普对药品征收200%关税，新加坡将面临严重 冲击。 特朗普"对等关税"政策终于落地，新加坡以10%的关税税率成为亚洲最大赢家，而越南面临全球最高 的增值加权美国关税税率。然而，巴克莱警告，半导体和药品行业面临更大不确定性。 韩国 15% 、印尼和菲律宾 19% 、越南 20% 、印度 25% 的税率保持不变。 巴克莱称，对于被认定为"转运"规避关税的商品，将征收40%的惩罚性关税，但具体认定标准尚未公 布。 增值加权关税分析：越南压力最大，新加坡出人意料 巴克莱研究团队的增值加权美国关税税率分析揭示了亚洲国家和地区面临的实际压力程度。 当地时间7月31日，特朗普签署行政令，确定了对多个国家和地区征收的"对等关税"税率。 8月2日，据追风交易台消息，巴克莱在8月1日的研报中称，根据最新行政令， 新加坡保持10%的关 税税率，成为亚洲最大赢家 。 值得注意的是，巴克莱研究团队 ...

Core Viewpoint - The implementation of Trump's "reciprocal tariff" policy has been finalized, with Singapore emerging as the biggest winner in Asia due to a 10% tariff rate, while Vietnam faces the highest value-added weighted U.S. tariff rate globally. The semiconductor and pharmaceutical industries are warned to face greater uncertainty despite current exemptions from broad tariffs [1][2][5]. Tariff Rates Summary - Singapore: 10% [2] - Malaysia: 19% (down from 25%) [2] - Thailand: 19% (down from 36%) [2] - Pakistan: 19% (down from 29%) [2] - Taiwan: 20% (down from 32%) [2] - Sri Lanka: 20% (down from 44%) [2] - South Korea: 15% [3] - Indonesia: 19% [3] - Philippines: 19% [3] - Vietnam: 20% [3] - India: 25% [3] Value-Added Weighted Tariff Analysis - Vietnam has the highest value-added weighted U.S. tariff rate at 2.3%, followed by Thailand, Malaysia, and South Korea in the range of 1.0% to 1.4% [5][6]. - The analysis indicates that Vietnam has a domestic value-added exposure of 15.1% to U.S. tariffs, while Thailand, Malaysia, South Korea, and Singapore have exposures of 9.0%, 8.7%, 6.9%, and 6.8% respectively [6][7]. - In contrast, the Philippines (3.1%), Indonesia (2.3%), and India (2.0%) have relatively lower risk exposures [7]. Semiconductor and Pharmaceutical Industry Risks - The semiconductor and pharmaceutical sectors are highlighted as facing potential tariff threats, with the U.S. Department of Commerce expected to announce results of a national security investigation into semiconductor imports, which may lead to new tariffs [8][9]. - A proposed 200% tariff on pharmaceuticals could severely impact Singapore, as pharmaceuticals are a significant part of its trade with the U.S. [8][9].