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.

HONG KONG] Most Asian markets fell on Monday as countries fought to hammer out trade deals days before Donald Trump’s tariff deadline, though investors took heart after he said the levies would not kick in until the start of next month.

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.