Extended US-China trade truce stabilises relations, but ASEAN remains caught between opposing pressures

How a trading hub protects its integrity when partner nations view trade friction as a security feature.

The global economic order is undergoing a profound structural shift. For decades, international trade was governed by a predictable, rules-based system designed to maximise economic efficiency and comparative advantage. Today, that system is being quickly dismantled. Trade, investment, and supply chains are no longer viewed solely through an economic lens; they have become primary battlegrounds for national security, economic coercion, and geopolitical rivalry.

Chinese goods may remain competitively priced, but serving markets with different technology rules adds costs for firms.