It’s become a familiar strategy in Southeast Asia. Companies from China, coveting the American market but blocked by tariffs, do an end run. They pour into a country, opening factories and filling supply chains. They invest billions of dollars and create jobs and business opportunities. The local economy prospers.

这在东南亚已成为一种常见战略。觊觎美国市场却受制于关税的中国企业采取迂回战术。它们涌入某个东南亚国家开工厂，填补供应链。它们投资数十亿美元，创造就业和商机。当地经济因此而繁荣起来。

President Trump wants to stop that trade. On Friday he unveiled a new layer of tariffs — set at a global rate of 40 percent — on all goods that move through a third country before they get to the United States. The tariffs are aimed at stopping transshipment, a practice the administration says has allowed Chinese-made goods to skirt punitive tariffs.

特朗普总统想要切断这种贸易。上周五，他宣布对所有经第三国转运美国的商品加征新关税，全球税率为40%。这些关税的目的是切断转口贸易，美国政府称这让中国制造的商品得以规避惩罚性关税。

The policy landed with a thunderbolt in Southeast Asia, where Chinese investment has helped the economies of poorer neighbors grow more quickly. A crackdown on transshipment will be an economic blow. It also complicates the supply chain in Southeast Asia, which depends heavily on Chinese raw materials and components. From Vietnam to Cambodia to Indonesia, officials and executives are rushing to assess the consequences.

这项政策对东南亚地区造成巨大冲击，因为中国的投资已帮助其较贫穷的邻国实现了经济更快增长。打击转口贸易将打击这些国家的经济，也使东南亚的供应链变得更加复杂，因为该地区严重依赖中国的原材料和零部件。从越南到柬埔寨再到印度尼西亚，官员和企业高管们正在紧急评估这个新关税的后果。

The new tariffs raise hard questions for countries that have long used Chinese components to make the final products they ship to the United States. Does the Trump administration, which has yet to detail how it would enforce the new transshipment tariffs, want to tax it all?

新关税给一些国家带来了难题，这些国家一直使用中国的零部件来生产它们最终销往美国的商品。特朗普政府尚未详细说明将如何执行这项新的转运关税——难道是打算对所有此类产品都征税吗？

One country offers a case study others could follow for what to do next: Malaysia.

有一个国家为其他国家接下来该如何应对提供了可借鉴的案例，那就是马来西亚。

Over the last decade, Malaysia rose to become one of the world’s biggest makers of solar panels. Ten companies, most of them Chinese, shoveled $15 billion into factories around the country, creating tens of thousands of jobs. Then, under President Joseph R. Biden Jr., the United States put tariffs on solar equipment coming from Malaysia of as much as 250 percent. Today, just two solar panel makers remain and one of them has ceased much of its production.

马来西亚已在过去十年里成为全球最大的太阳能电池板生产国之一。十家公司（其中大部分是中国公司）给马来西亚各地的工厂投入了150亿美元，创造了数万个就业岗位。后来，美国在拜登总统执政期间对来自马来西亚的太阳能设备征收了高达250%的关税。该国如今只剩下两家太阳能电池板制造商，其中一家已停止了大部分生产。

The upheaval has been a wake-up call for Malaysia, a nation of over 35 million people that is rethinking how to power its future economic growth.

这种大起大落已给马来西亚敲响了警钟，这个拥有3500多万人口的国家正在重新思考如何推动本国未来的经济增长。

“We’re trying to think about ourselves not just as recipients of investment, but actually creators of technology,” said Liew Chin Tong, the deputy minister of investment, trade and industry. “We want to think of ourselves not as a production site, but also as a consumer site with a sizable middle class.”

“我们正努力将自身定位为技术创造者，而非单纯的投资接受者，”马来西亚投资、贸易及工业部副部长刘镇东说。“不仅把自己的当作一个生产基地，也是一个拥有庞大中产阶级的消费市场。”

Officials in Malaysia, who had been trying to work out a trade deal, had said they were ready to work with the Trump administration to stop companies from passing off Chinese-made goods as their own. But they learned on Friday they would be hit with a base tariff of 19 percent. An additional 40 percent would be added for any goods deemed to have originated in China. Those are set to take effect this week.

一直在努力与美国达成贸易协议的马来西亚官员曾说，愿与特朗普政府合作，制止企业将中国商品伪造成本国产品。但他们上周五得知，美国将对马来西亚的商品征收19%的关税。对任何被认定原产于中国的商品追加40%的额外关税。新规将于本周生效。

马来西亚未来五年的目标是，全国一半的能源消耗来自太阳能等清洁能源。

The country finds itself caught squarely between the United States and China.

马来西亚发现自己正被夹在美中之间。

Malaysia believes that Chinese solar companies can play an important role in its attempts to increase renewable power sources. Its goal over the next five years is for half the country’s energy consumption to use clean sources like solar power. Warehouses are stuffed with solar equipment that can no longer be exported to the United States, and the government wants companies to sell it to local solar farms.

马来西亚相信中国的太阳能企业能在本国提高可再生能源使用的努力中发挥重要作用。马来西亚的目标是在未来五年内，让一半的能源消耗来自太阳能等清洁能源。无法再出口到美国的太阳能设备已将仓库堆满，政府想让企业将这些设备卖给本国的太阳能发电厂。

One challenge for Malaysia is that it still needs China’s solar industry on its side. More than 75 percent of the solar panels that Malaysia uses locally are imported from China, where prices are much cheaper because of Beijing’s industrial policies that encourage exports.

马来西亚面临的一个挑战是，它仍需要中国的太阳能产业。该国本土使用的太阳能电池板中，逾75%从中国进口——因北京推行鼓励出口的扶持政策，使得中国产品价格更低。

Longer term, Malaysia wants the Chinese companies to restart their mothballed factories to make solar panels for the domestic market.

从长远来看，马来西亚想让中国公司重启它们在该国的闲置工厂，为国内市场生产太阳能电池板。

More than any other region, Southeast Asia has felt the brunt of the trade war between the United States and China that began in earnest during Mr. Trump’s first presidency.

在特朗普首个总统任期内正式打响的中美贸易战中，东南亚承受的冲击远超其他地区。

Southeast Asian countries profited as Chinese and global multinationals relocated their factories out of China to avoid Mr. Trump’s first-term tariffs.

随着中国企业和全球跨国公司纷纷将工厂迁出中国，以规避特朗普第一任期的关税，东南亚国家曾从中受益。

For Malaysia, the aim now is to blunt the collateral damage from the battle between the world’s two largest economies.

对马来西亚来说，眼下的目标是减轻世界两大经济体之间的贸易战给本国带来的连带损害。

“I don’t like to see us just having to choose between U.S. and China,” said Mr. Liew, adding “I want to see us strengthening ourselves.”

“我不希望看到我们不得不在美国和中国之间做出选择，”刘镇东说，并补充道，“我想看到我们增强自身能力。”

Both superpowers have loomed large in Malaysia. The American tech companies Nvidia, Intel and Texas Instruments built huge facilities to make semiconductors, seeing the country as a good location to hedge against the risks of doing business in China. Over five decades, more than 600 American companies have invested in Malaysia, said Siobhan Das, chief executive of the American Malaysian Chamber of Commerce.

这两个超级大国对马来西亚有很大的影响。美国的科技企业英伟达、英特尔以及德州仪器都在当地建立了大型的半导体生产基地，把马来西亚视为规避在华业务风险的理想地点。美国马来西亚商会首席执行官西沃恩·达斯指出，50年来，已有600多家美国公司在马来西亚投资。

Chinese investment, meanwhile, has shaped Malaysia’s manufacturing sector, and China has ranked as one of the top investors in the country for the last decade. Malaysia’s imports from China have nearly doubled over the past decade, according to Lee Heng Guie, executive director of the Socio-Economic Research Center, a Malaysian think tank.

与此同时，中国投资塑造了马来西亚的制造业格局，它在过去十年间一直是马来西亚外资的最大来源国之一。马来西亚智库社会经济研究中心的执行董事李兴裕说，马来西亚从中国进口的商品总额已在过去十年差不多翻了一番。

It was also about a decade ago when Chinese solar companies began to invest in factories in Malaysia. The factories made everything for export to the United States and other major markets like Europe.

中国太阳能企业于大约十年前开始在马来西亚投资建厂。这些工厂生产的所有产品都出口到了美国和欧洲等其他主要市场。

“We knew we could not compete with the Chinese companies in the long run,” said Lisa Ong, chief executive at Malaysian Solar Resources, a solar company that shut its panel production facilities in 2013. After six years, the company found it was being outperformed on price and production capacity. Today it has switched its focus to building solar farms and importing panels from China.

“我们知道，我们无法与中国公司长期竞争，”马来西亚太阳能资源公司的首席执行官丽莎·王（音）说。这家太阳能公司已在2013年关闭了太阳能电池板生产设施。因为公司在运营了六年后发现，它在价格和产能上都比不过中国企业。如今，这家公司已将重点转移到建设太阳能发电场上，它从中国进口太阳能电池板。

After the Biden administration initiated an investigation into unfair practices by Chinese solar companies in Malaysia, Cambodia, Vietnam and Thailand, Chinese companies began to slow some of their operations. The investigation led to steep tariffs on a handful of Chinese solar companies operating in these countries, and prompted most of them to abandon their factories in Malaysia.

拜登政府对在马来西亚、柬埔寨、越南和泰国运营的中国太阳能企业不公平的做法展开调查后，中企开始放慢它们在东南亚的部分业务。该调查导致在这些国家运营的数家中国太阳能企业被课以重税，并促使它们中的大多数放弃了在马来西亚的工厂。

隆基绿能在马来西亚雪兰莪州的光伏组件厂。拜登政府的一项调查导致美国对许多在马来西亚运营的中国公司征收高额关税后，仍在马来西亚生产太阳能电池板的中国公司只剩下隆基绿能一家。

The only Chinese company still making some solar panels in Malaysia is Longi, an industry giant. When it opened its third Malaysian factory on the outskirts of Kuala Lumpur in 2023, it heralded the opening as a “pivotal moment in Longi’s global endeavors.” Its executives boasted of creating 900 jobs and promised to increase the openings to 2,000.

唯一一家仍在马来西亚生产太阳能电池板的中企是行业巨头隆基绿能。它在吉隆坡郊区建的第三家马来西亚工厂2023年开工，该公司当时曾表示这家工厂投产是“隆基绿能国际化布局的重要里程碑”。公司高管夸口说已为当地创造了900个工作岗位，并许愿说，未来的工作岗位增加到逾2000个。

Instead of expanding, Longi has shut down several production lines at the facility. Today, much of the space at Longi’s plant is unused. On one weekday last month, the parking lot was less than half full. Longi declined to comment for this article.

隆基绿能非但没有扩产，反而关闭了该工厂的几条生产线。如今，这家隆基工厂的大部分空间处于闲置状态。在上个月的一个工作日，停车场上空着一大半停车位。隆基绿能拒绝就本文置评。

Longi has met with Malaysian officials to discuss how to support more of the local supply chain, according to Justin Sim, the president of the Malaysian Photovoltaic and Sustainable Energy Industry Association. He is pressing the government to rebuild a domestic solar panel industry by harnessing the knowledge of Chinese companies like Longi.

据马来西亚光伏和可持续能源行业协会会长贾斯汀·沈（音）表示，隆基绿能已与马来西亚官员见面，商讨如何为当地供应链提供更多支持。他正敦促政府借助隆基等中企的技术经验，重建本土太阳能电池板产业。

“All the Chinese companies came here when there was not really any capacity or interest in building the local market,” Mr. Sim said. “And then they all went bust or left because they were hit with tariffs from the U.S. and Europe.”

“当所有中国公司最初来到这里时，本地市场几乎没有产能，也缺乏发展兴趣，”沈先生说。“后来它们都倒闭或离开了，因为美国和欧洲的关税让它们受到了打击。”

Ms. Ong of Malaysian Solar Resources said she would not rule out her company going back to solar panel manufacturing, especially after the Chinese government announced plans to scale back subsidies to companies. Still, she is hesitant, citing the intense competitiveness of Chinese firms.

马来西亚太阳能资源公司的王女士说，不排除她的公司重返太阳能电池板制造业的可能性，尤其是在中国政府宣布了减少为企业提供补贴的计划后。尽管如此，她仍有些犹豫，理由是中国企业的激烈竞争力。

“I’m worried and a bit concerned about our future,” she said. “Many Chinese nationals are migrating to Malaysia and they are a lot more industrious than many of us.”

“我对我们的未来感到担忧，也有些不安，”她说。“许多中国人正在移民马来西亚，他们比我们中的许多人都更勤奋。”