South Korea and Vietnam said on Wednesday they agreed to cooperate closely, after the announcement of U.S. tariffs that pose a major challenge for both economies and for companies like Samsung Electronics with big investments in Vietnam.

South Korea's industry minister Ahn Duk-geun is visiting Vietnam as the two countries scramble to negotiate a reduction of threatened U.S. tariffs of 25% and 46%, respectively, that would otherwise apply in July after a global moratorium expires.

Chinese leader pledges to build strong bilateral relations with Hanoi, rejects protectionism, as he begins Asia tour aimed at projecting Beijing as a stable partner.

Economists and executives warn that American consumers will bear the cost of President Donald Trump’s tariffs as businesses pass the expenses on to their customers.

Donald Trump says Chinese-made smartphones and other electronics will not be exempt from tariffs - adding they are simply moving into a different levy "bucket". European stock markets bounced up on Monday morning after Friday's official announcement that some of these products would escape levies of up to 145%.

Uncertainty over tariffs has placed a pall over financial markets and fueled concerns of inflation and a possible recession.