 When the US and Israel attacked Tehran on Feb. 28, their targets were Iranian missile sites, leadership compounds, and nuclear production facilities. Yet, it is Asian nations with which the Trump administration says it wants stronger ties — and which Washington needs in its competition with Beijing — that are bearing some of the heaviest burdens worldwide. Asia depends on shipments through the Strait of Hormuz for more than 80% of its oil and natural gas, to say nothing of less prominent commodities such as the helium necessary for chipmaking, the naphtha needed for manufacturing cars, and fertilizers needed for farming. The biggest US allies, Japan and South Korea, are partially insulated. Asia’s other economies look far more vulnerable. India, the Philippines, and Thailand have reported oil reserves of between 60 and 75 days. Indonesia’s, Pakistan’s, and Vietnam’s are equivalent to demand of 20 days or less. Many governments in the region have imposed crisis measures to conserve energy consumption. Manila has declared a state of national emergency, implemented a four-day workweek for government employees, and ordered reduced operating hours at shopping malls. Bangkok, meanwhile, has told civil servants to take the stairs, wear short-sleeved shirts, and has set office air conditioners to higher temperatures. In Pakistan, schools have been closed and public transport is free for a month to encourage people to drive less. The consequences extend beyond the financial balance sheet to the geopolitical one. The war with Iran was meant to project US power. Six weeks in, the most measurable effect — at least in Asia — has been to weaken the very economies Washington says it needs to outmaneuver Beijing.
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