But perhaps the biggest casualty of Trump's tariffs could well be Asia's e-commerce giants - as well as the American companies that rely on Chinese sellers and marketplaces. In a surprise move this week, Trump ditched the "de minimis" rule which exempted parcels under $800 from customs duties.

Southeast Asian countries breathed a sigh of relief on Friday after the U.S. announced tariffs on their exports that were far lower than threatened and levelled the playing field with a rate of about 19% across the region's biggest economies.

Asian shares are lower after choppy trading on Wall Street that saw more losses as investors assess President Donald Trump’s order imposing new tariffs on 68 countries and the European Union starting