The White House on Thursday vowed to impose "big tariffs" on April 2 when Donald Trump is to unveil reciprocal levies in a major escalation of his trade war.

However, analysts warn that south-east Asian nations face continued uncertainty since the Trump administration has vowed to crack down on rerouting by threatening a 40 per cent tariff on any “transshipped” goods. It remains unclear how the US would define such goods.

Donald Trump linked record US stock market highs to his tariff policy and urged the Supreme Court to uphold his authority after lower courts ruled he exceeded presidential powers.

Additionally, higher reciprocal tariff rates were imposed on some economies, based on White House figures for tariffs charged against the U.S., which they say includes considerations for currency manipulation and trade barriers.

When Donald Trump announced reciprocal tariffs of up to 49 per cent on south-east Asia’s major manufacturing economies last April, the outlook for the export-driven region looked bleak. There were fears that companies pursuing “China plus one” strategies — using the region as a secondary base to reduce exposure to punitive duties on Beijing — might relocate.

India is currently the world’s second largest buyer of Russian oil after China, benefiting from discounted supplies since the start of the Ukraine war.

President Donald Trump's approval of a bipartisan sanctions bill could lead to a 500% increase in US tariffs on India and China for purchasing Russian oil.

Multi-generational family farmers in West Tennessee share personal anecdotes of how tariffs have impacted their livelihoods