Last night (7/7), U.S. President Donald Trump sent a letter to ASEAN leaders announcing the continuation of reciprocal import tariff policies, which will take effect on August 1, 2025. It is expected to cause corrections in ASEAN financial markets, including stock and bond markets. It is also anticipated that ASEAN Central Banks, especially Bank Indonesia, will likely maintain a wait-and-see approach regarding interest rate cuts due to concerns about inflation. Indonesia faces a 32% tariff on all exported products, unchanged from the initial rate before the 90-day tariff policy delay was implemented. Other countries face different rates, such as Malaysia, which has a rate of 25%, up from 24%, although still lower than other ASEAN nations like Laos and Myanmar, both at 40%. It is followed by the top 6 ASEAN countries, Thailand and Cambodia, both at 36%.