Manila: The Asian Development Bank (ADB), in its latest analytical report, has warned that developing Asian economies could be under severe pressure as a result of US tariffs, while Pakistan has been ranked as the 14th most affected country in the list.
According to the report, Pakistan ranks third among the countries affected by US tariffs in South Asia, where the US administration has imposed an average tariff of 29 percent on Pakistani products. Sri Lanka tops the list with 44 percent, followed by Bangladesh with 37 percent.
The ADB says five of the 10 countries most affected by U.S. tariffs globally are in Asia, with Cambodia topping the list with a tariff rate of 49 percent.
The report states that India has a tariff of 26%, while Afghanistan, Maldives, Nepal, and Bhutan have a tariff of 10%. However, copper, pharmaceuticals, semiconductors, and wood items are exempt from the additional tariffs, but there are risks of future tariffs on energy and medicine imports.
According to ADB, all these additional levies will be in addition to the already existing taxes. The goal is to reduce the U.S. trade deficit.
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