Group 1: Trade Policy and Tariffs - The U.S. extended the tariff exemption period to August 1, 2025, targeting six ASEAN countries with tariffs as high as 40% for Laos and Myanmar, and 36% for Cambodia and Thailand[9][12]. - ASEAN countries exhibited a "rush to export" behavior during the initial 90-day exemption period, with Vietnam leading with a 48.3% year-on-year export growth to the U.S.[27][29]. - The U.S. aims to reduce trade deficits and encourage manufacturing return through tariff negotiations, but the effectiveness of these measures is questioned due to the deep integration of Chinese manufacturing in global supply chains[7][49]. Group 2: Economic Impact and Market Reactions - Despite the announcement of new tariffs, the market reaction was relatively calm, with Asian stock markets generally rising, indicating that investors had anticipated these changes[9][12]. - The long-term outlook suggests that new tariffs will negatively impact regional trade and economic growth, particularly affecting the export and re-export capabilities of ASEAN countries[10][12]. - The trade structure between ASEAN and the U.S. shows a high similarity with that of China, making it difficult for tariffs to fundamentally alter the existing trade dynamics[7][49]. Group 3: Negotiation Strategies and Outcomes - ASEAN countries are accelerating their negotiation efforts with the U.S., with expectations that agreements will be reached before the new tariffs take effect[10][43]. - Vietnam has reportedly reached a preliminary agreement with the U.S. to lower tariffs to 20%, while other countries like Cambodia and Thailand are also expected to finalize agreements soon[10][43]. - The negotiation landscape is complicated by discrepancies in tax rate expectations, as seen in Vietnam's case where the U.S. unilaterally raised the agreed tax rate from 11% to 20%[12][43].