The reimposition of Trump's higher tariffs, and also retaliatory measures from U.S. trading partners who did not reach a deal in time, threatens to pull global trade back to where it was in April, with widespread disruption, market volatility and looming economic pain.

The recent announcement by President Donald Trump to impose a 10% tariff on countries aligning with BRICS' anti-American policies has sparked strong reactions from China and Russia.

This follows last-minute talks by the EU, Japan, and South Korea to strike trade deals and avoid steep US tariffs.

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

Japan, South Korea, Malaysia and Kazakhstan will face 25% import duties starting Aug. 1, while goods from Laos and Myanmar will face a 40% tariff.

President Donald Trump on Monday placed a 25% tax on goods imported from Japan and South Korea, as well as new tariff rates on Malaysia, Kazakhstan, South Africa, Laos and Myanmar.