J P M O R G A N Global Markets Strategy 09 July 2025 ASEAN Equity Strategy Taking stock of Deals, Negotiations and New Tariffs Being the first country in ASEAN to strike a tariff deal with the US at a 20% rate (40% for transshipment), Vietnam saw its stock market rally by more than 3% MTD. The US-Vietnam trade framework could be a template for ASEAN countries. Thailand, Malaysia, Indonesia, and the Philippines are still in discussions with the US (see Table 1 for a summary). We believe countries actively wo ...