Osamu Inoue, president of Sumitomo Electric, which makes parts for Volkswagen, Toyota and Stellantis, among others, said Trump’s threatened 25 per cent tariffs on Mexican goods would do more harm to US suppliers, which account for almost a third of car parts investment in Mexico.

Southeast Asia faces a critical turning point as Donald Trump’s tariffs threaten to reshape the region’s role in global supply chains.

On his first day back in office, President Donald Trump reiterated plans to impose levies on products from Mexico and Canada despite concerns from the retail industry.