In April 2025, the global economy was jolted by the return of a familiar disruptor: U.S. President Donald Trump’s aggressive tariff agenda. Announced as a universal 10% tax on all imports, the policy included sweeping surcharges targeting America’s key trading partners—especially in Asia. Indonesia, Southeast Asia’s largest economy, was hit with a 32% effective tariff, focusing on critical sectors such as apparel, electronics, and footwear. China faced an even harsher 54%, followed by Vietnam (49%) and Cambodia (41%). The response was immediate: global equity markets plunged, signaling investor concern about a potential contraction in trade and regional competitiveness. Among the…