Beyond the South East Asian producers, Trump's tariffs also raise costs for American companies that have been operating in the region for decades. The clothing and footwear industry stands to suffer - brands like Nike have long outsourced manufacturing to countries like Vietnam and Indonesia.

Treasury Secretary Scott Bessent said that tariffs introduced in April will be enforced starting August 1 for countries that haven’t struck a deal.

Asian shares are mostly down as the Trump administration steps up pressure on trading partners to quickly make new deals before a Wednesday tariff deadline.