SIIA Chairman Mr. Simon Tay recently shared his views with Chinese media platform Phoenix TV (ifeng.com) on the U.S. Supreme Court’s February decision overturning broad tariffs imposed by President Donald Trump imposed under the International Emergency Economic Powers Act (IEEPA).
Mr. Tay noted that while some viewed the ruling as a sign of domestic pushback, President Trump was unlikely to retreat and could instead intensify pressure through alternative trade measures.
“I think Trump is not going to back down, and he is looking a bit weaker. But I don’t believe in TACO. I don’t believe Trump always chickens out. I think there’s a side of Trump that says, I’m going to push, I’m going to bully you if I can and have to, and I’m going to double down,” Mr. Tay said.
He cautioned Asian countries against overreacting, highlighting China’s leverage and the broader uncertainty shaping global trade dynamics.
“Asians should not overreact to it. China, I think, has played its cards very well. It’s got real cards — the rare earth, the market of China — all these has meant that China can deal, it’s probably the only country that can deal with Trump in a way which doesn’t concede too much to him.”
Mr. Tay also noted that continued uncertainty may affect businesses’ front-loading of shipments. Meanwhile, several ASEAN countries, including Malaysia, Cambodia and Indonesia, as well as South Korea and Japan, have engaged in negotiations or concluded various trade and investment arrangements with the United States, and the sustainability of these agreements may now come under scrutiny.
“There may be some reason for people who want to criticise the governments for rushing there, will criticise these agreements as giving too much away to Trump. But I think fundamentally, this uncertainty shows that Trump’s will to win, I think, is very strong, and these deals might make sense in the longer term.”
Watch the full interview (published on 24 February 2026): https://finance.ifeng.com/c/8r03vS0ttF2
