Mongolia Braces for the Impact of Trump’s Tariffs

The recent deliberations of Mongolia’s National Security Council have underscored an emerging anxiety in Ulaanbaatar: the country’s outsized economic dependence on China, and how this could be exposed by escalating trade tensions between Washington and Beijing.

Credit: Getty Images

At first glance, Mongolia appears to be a peripheral player in the US-China trade war. Exports to the United States account for well under 1% of Mongolia’s total, rendering direct exposure to American tariffs—including the recently imposed 10% levy—largely symbolic. Even potential adjustments under the Generalized System of Preferences would barely register on Mongolia’s trade balance sheet.

But the true threat lies in the indirect fallout from Beijing’s response to Trump's tariffs.

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