Southeast Asian economies prove resilient in the face of Trump’s tariffs as supply chains expand

Within a year of taking office, U.S. president Donald Trump turned global trade on its head. His sweeping tariffs took effect on Aug. 1, and have since upended countless trade relationships countries built through years of diplomacy. Yet despite the U.S.’ tariffs, global trade has been more resilient than expected, say Macquarie’s analysts in their 2026 global economic and market outlook (which was released in December). They’ve even benefitted an unlikely group: Southeast Asian economies.