Trump’s ‘tariff tantrums’ threaten Malaysia, Thailand, Vietnam – and beyond

“They sent their goods here to be repackaged … and then sent them onto the US,” said Cheng, director of recruitment agency Agensi Pekerjaan TSM, recalling the frantic scramble to find staff to accommodate the influx.

Now, as Trump gears up for a second act, Cheng’s optimism has turned to apprehension. He fears the next wave of tariffs could be “more crazy”, with Southeast Asian economies unlikely to reap many benefits from American protectionism this time around.

For countries like Malaysia, the implications could be dire: foreign investors might retreat, exports could plummet, and new industries could stall.