ISLAMABAD: The Asian Development Bank (ADB) has released an analytical report highlighting the possible impact of new US tariffs on Asian economies, with developing countries in the region expected to bear the brunt.
According to the ADB, Pakistan ranks 14th among Asian countries most impacted by the tariffs and is third in South Asia after Sri Lanka and Bangladesh.
The report states that US tariffs have been imposed at the following rates:
Sri Lanka 44%, Bangladesh 37%, Pakistan 29%, India: 26%, Afghanistan, Maldives, Nepal, and Bhutan 10%.
Cambodia faces the highest tariff rate among developing Asian countries at 49%. Five out of the 10 most heavily affected countries globally are from Asia, the report adds.
ADB notes that items such as copper, pharmaceuticals, semiconductors, and wooden goods have been exempted from the additional tariffs. However, it warns that energy products and medicines could soon face increased duties.
According to the ADB, the purpose behind the US tariffs is to narrow its trade deficit, but this move could have far-reaching implications for developing economies across Asia.