As countries around the world confront the economic fallout from the Iran conflict, Asian economies have been particularly hard hit. Energy prices have skyrocketed, economic growth forecasts have been slashed, food insecurity is back in the spotlight, and access to critical chemicals, aluminum and other products has been curtailed.
In response, Asia has been busy implementing a range of measures, from restricting energy use to introducing fuel subsidies, re-starting coal plants, and imposing export restrictions. While the crisis looms large over Asia, the U.S. trade agenda appears to move forward unabated. Adapting U.S. trade asks to reflect the pressures partners are facing — and offering financial support or other cooperation — would build meaningful goodwill in a region Washington cannot afford to lose.
