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US tariff increases announced on 2 April will disrupt supply chains and affect economic growth and corporate earnings in APAC and globally. Sectors like autos, tech hardware, chemicals, and metals and mining are most exposed. Few APAC corporates face high sector vulnerability, low rating headroom, and substantial direct US exposure, but many will be affected by the regional and global economic slowdown. The US effective tariff rate (ETR) is expected to increase significantly. Exports from Vietnam, Thailand, Indonesia, Taiwan, India, South Korea, Malaysia and Japan could face much higher US tariffs that would hurt their economic growth and dim corporate earnings prospects. There could be further economic strain if a retaliatory trade protectionism cycle develops despite the 90-day pause on some tariffs .