Asian nations hope Democrats can constrain President Donald Trump’s Iran war and trade tariffs. The conflict has pushed Singapore gasoil prices 80% above pre-war levels, while spot LNG prices for North Asia have tripled.
Asian countries, especially fossil-fuel importers, have faced higher energy prices and supply concerns since the US-Israeli war on Iran began on February 28. Singapore gasoil reached a record $199.89 a barrel on March 30 and ended Tuesday at $164.18, still 80% above its pre-war level. Spot LNG prices for North Asia have tripled to $32.50 per million British thermal units, and Australian thermal coal has risen 30% to $151.15 a metric ton.
The article says Asian nations hope Democrats can limit Trump’s ability to continue the Iran war and encourage a diplomatic resolution, while moderating the effects of US trade tariffs. It says Democrats were on track to claim both chambers of Congress, where they could control spending and launch investigations.
The article says Asian countries may support continued US efforts to build critical-mineral supply chains outside China, given bipartisan backing. It also identifies risks that Democrats may be unable to rein in Trump and that he could use the period before the new Congress first sits on January 3 to revive the Iran war or impose more tariffs.
