President Donald Trump’s more broad definition of reciprocal tariffs unveiled last week likely exposes most Asian economies to US levies, according to economists at Nomura Holdings Inc. Trump’s announcement of new levies based on total tariffs, as well as tax, regulatory and currency policies, is hard to quantify, the analysts said. This “black box” of non-tariff barriers leaves room for him to widen the net of countries targeted in Asia.Non-tariff barriers are highest in China, India, Indonesia, the Philippines and Thailand, the analysts added. Developed markets including Japan and South Korea, which has a free-trade agreement with the US, are also at risk since they have other barriers including regulations and testing standards.118326816“Broadening the criterion for imposing the reciprocal tax not only makes the process more complex and less transparent, it also increases the likelihood of the reciprocal tax being imposed across a broader swath of emerging and developed Asian economies” Nomura analysts led by Sonal Varma wrote in a note dated Friday. This will require many of the countries to negotiate a bilateral deal with the US. India, for example, is under pressure to buy more American goods — such as energy and weapons — after Trump announced the new reciprocal tariffs just hours before meeting Prime Minister Narendra Modi.