**Introduction** As of late 2025, the Southeast Asian economies most impacted by the US “reciprocal” tariffs are those that (1) continue to face elevated Annex I tariff rates and (2) export large volumes of goods to the US market. On that basis, Vietnam remains the most exposed economy, followed by Thailand and Indonesia. By contrast, Cambodia and Malaysia’s relative exposure declined during 2025 after bilateral trade arrangements referenced a maintained 19% “reciprocal” tariff rate, subject to product-level conditions[1][2]. **2025 “reciprocal” tariff framework** The April 2025 “reciprocal” tariff action established: * A 10% default ad valorem rate, and * Higher country-specific rates listed in Annex I, including[1]: + Cambodia (49%) + Laos (48%) + Vietnam (46%) + Myanmar (44%) + Thailand (36%) + Indonesia (32%) + Malaysia (24%) + Philippines (17%) + Brunei (24%) In October 2025, “reciprocal” trade fact sheets for Cambodia and Malaysia referenced a maintained 19% “reciprocal” tariff rate, alongside product carve-outs and alignment mechanisms[2][3]. **Relative exposure by country (late 2025)** **1.** **Vietnam** * **Rate:** 46% (Annex I) * **US imports (2025 through November):** US$175.3 billion[4] Vietnam combines one of the highest “reciprocal” rates with the largest US import base among Southeast Asian economies. With electronics, machinery, furniture, and apparel dominating its export structure, Vietnam remains the most exposed economy in aggregate terms[1][4]. **2.** **Thailand** * **Rate:** 36% (Annex I) * **US imports (2025 through November):** US$81.2 billion[5] Thailand’s exposure reflects both the elevated “reciprocal” rate and a large export base in vehicles, parts, and electronics. In the absence of a revised arrangement, Thailand ranks second in aggregate exposure[1][5]. **3.** **Indonesia** * **Rate:** 32% (Annex I) * **US imports (2025 through November):** US$31.9 billion[6] Indonesia’s rate remains high under Annex I, but its total export value to the US is lower than Thailand’s. This places Indonesia below Thailand in overall impact while still among the most exposed economies in the region[1][6]. **4.** **Malaysia** * **Initial Annex I rate:** 24% * **Maintained “reciprocal” rate (October 2025):** 19%[2][3] * **US imports (2025 through November):** US$53.9 billion[7] Malaysia’s negotiated framework reduced its “reciprocal” rate to 19%. While the US import base remains significant, the lower maintained rate reduces aggregate exposure relative to Vietnam, Thailand, and Indonesia[2][3][7]. **5.** **Cambodia** * **Initial Annex I rate:** 49% * **Maintained “reciprocal” rate (October 2025):** 19%[2] * **US imports (2025 through November):** US$13.9 billion[8] Cambodia initially faced the highest rate in Southeast Asia. The October framework materially reduced its effective rate to 19%, substantially lowering exposure compared with the April schedule[2][8]. **6.** **Laos and Myanmar** * **Laos:** 48% rate; US$2.0 billion imports[9] * **Myanmar:** 44% rate; US$0.7 billion imports[10] Although these economies face high tariff rates, their smaller export bases limit aggregate exposure compared with Vietnam or Thailand[1][9][10]. **Conclusion** By late 2025, the countries most impacted by the US reciprocal tariffs are those combining high Annex I rates with large export exposure to the US market. Vietnam remains the most affected economy, followed by Thailand and Indonesia. Negotiated reciprocal-trade arrangements reduced relative exposure for Malaysia and Cambodia, altering their position compared with the initial April schedule. Overall impact now depends on the maintained reciprocal rate, product-level carve-outs, and each country’s export structure to the United States[1][2][3].
