U.S. Import Tariffs and Asia Pacific Real Estate

Since taking office in January 2025, President Trump has announced numerous tariffs on imports to the U.S., with the average weighted U.S. tariff higher than at any point since the 1930s. Although reciprocal tariffs announced for most countries in early April are on pause, many markets across Asia Pacific currently face tariffs of at least 10%.

While China faces the highest rate of tariffs, a U.S.-China joint announcement on May 12 temporarily lowered the U.S. rate from 145% to 30% for 90 days pending continued negotiations between the two countries. Several Southeast Asian markets are also subject to high tariffs. Certain sector-specific tariffs, including a 25% duty on auto exports to the U.S., are not on pause.

China ranked as the third largest trading partner of the U.S. in 2024, after Canada and Mexico, while five other Asia Pacific markets also ranked in the top 10. Given that Asia Pacific as a whole accounts for one-third of the total trade in goods with the U.S., tariffs will inevitably impact the region.

This Viewpoint assesses the potential impact of tariffs on the Asia Pacific economy, industrial & logistics, office and investment markets. CBRE’s analysis is based on market conditions as of May 13, 2025.