This analytical note systematically assesses the vulnerability of ASEAN+3 exports to rising US trade barriers by constructing a novel “trade-at-risk” indicator that integrates product-level trade elasticities with both direct and indirect export exposures—including the domestic value added of exporting sectors and global value chain (GVC) linkages. Our analysis reveals that while the region’s aggregate vulnerability remains moderate compared to other major trading blocs, significant heterogeneity exists across economies and sectors. This research advances the literature by providing a comprehensive, data-driven framework for evaluating export risks in the face of evolving trade policies.