What will the new round of US protectionist trade tariffs mean for the economies of ASEAN and Asia Pacific? Over the past seven days, we'e seen stock markets crash, currencies come under pressure and governments entering into panic mode. The long-term shockwaves for the global and regional economies are uncertain, and the fallout for the travel industry is still speculative. In the first of a two-part podcast, Gary navigates through the headline news of the past week, addresses the rationale for the exceptionally high tariff rates slapped on several ASEAN economies, and the reasons that governments are not retaliating. He also discusses why Vietnam is the high-watermark case study, with perhaps the most at stake, and the options open to its trade negotiators to shore up the short-term damage and re-plan for the future. Part 2, coming later this week, will delve into the intra-ASEAN implications, the view from China and the outlook for travel and tourism across the region.