Vietnam was the first in Asia to strike a deal, but it has little leverage against Washington, and is now facing levies up to 40%. The same goes for Cambodia. A poor country heavily reliant on exports, it has been negotiating a deal as Trump threatens 35% tariffs.

The Indian rupee is likely to open marginally higher on Thursday, supported by the uptick in Asian peers and muted reaction to U.S. President Donald Trump’s latest tariff announcements.

President Trump is targeting multiple countries with potentially steep tariffs starting Aug. 1 if they don't reach a trade deal with the U.S. CBS News' Jo Ling Kent explains how the uncertainty around tariffs is impacting U.

Volatility in Brazilian assets soared as traders rushed to assess the endgame of President Donald Trump’s threat to impose 50% tariffs on all goods from the South American nation. A measure of one-month swings for the real jumped to the highest since April as the currency went from the worst to the best in emerging markets in the span of an hour.

President Trump’s ever-swerving tariff regime has taken more sharp turns this week.On July 7, his administration pushed back some of its most punishing duties by three more weeks to August, following a 90-day delay.