Boao Forum Talks Trade Tensions and Regional Unity Amid Trump’s New Tariff War
The Boao Forum for Asia, an annual meeting of government and business leaders in China’s Hainan province, is tackling one of today’s biggest economic challenges protectionism. With the U.S. ramping up tariffs under President Trump’s second term, experts at the forum are pushing for stronger regional cooperation to counter the impact.
The global economy is already feeling the strain. The OECD recently downgraded its growth forecasts for 2025 and 2026, citing the drag of escalating trade barriers. Former Chinese trade negotiator Long Yongtu voiced concerns that free trade is under threat, blaming large nations for abandoning multilateralism and sidelining the World Trade Organization (WTO). Since 2019, the U.S. has blocked new judge appointments to the WTO’s dispute resolution body, weakening its ability to enforce trade rules.
Former U.S. Commerce Secretary Carlos Gutierrez questioned what a world without global trade regulations might look like, urging nations to consider new systems if the WTO remains ineffective. Meanwhile, Trump’s fresh wave of Tariffs set to hit more trading partners by April 2 aims to bring manufacturing back to America but is expected to shake up global supply chains, especially in Asia.
Former Singapore Deputy Prime Minister Wong Kan Seng warned of widespread economic uncertainty, calling for “like-minded countries” to uphold fair trade. Agreements like the RCEP, CPTPP, and APEC could be key in fostering regional collaboration amid trade tensions. Former Indonesian Foreign Minister Marty Natalegawa emphasized the need for Asian leaders to take charge and advocate for open trade.
With rising protectionism threatening economic stability, business leaders also chimed in. Dr. Claus Rettig of Evonik Industries stressed that predictable and fair trade policies are crucial for attracting investment. As the world braces for more tariffs, Asia may need to rely on its own trade networks to keep growth on track.
As Trump Revives Trade War, Boao Forum Calls for Stronger Regional Bonds
