Image source, Reuters

Xi Jinping is expected to touch down in Hanoi this afternoon, as he tries to shore up relationships with key trading partners in South East Asia as the region is hit by Trump's tariffs.

He is also expected to reassure the region's leaders over concerns that the shake up of global trade may lead to a flood of cheap Chinese goods.

It marks the start of a trip that will take in Vietnam, Malaysia and Cambodia - which are all in Trump's tariffs crosshairs.

On Monday, Xi will be welcomed by Vietnam's President Luong Cuong. He is then expected to attend a welcome ceremony, followed by a flurry of meetings.

Xi, who last visited Vietnam in December 2023, will meet Communist Party Secretary-General To Lam in the early evening, and then Prime Minister Pham Minh Chinh and National Assembly Chairman Tran Thanh Man.

Ahead of his visit, the Chinese president warned that protectionism "leads nowhere" and that a trade war will have "no winners".

"Our two countries should resolutely safeguard the multilateral trading system, stable global industrial and supply chains, and open and cooperative international environment," Xi wrote in Vietnam's Nhan Dan newspaper.

Singapore's central bank has eased its monetary policy for the second month in a row as the city-state braces for the impact of a US-China trade war.

The Monetary Authority of Singapore says exporting countries hit by tariffs will face weaker demand and pressure to lower prices for their products.

Singapore's economy is particularly sensitive to the trade war as it is a major shipping hub that sits between China and the West.

The world's financial conditions have tightened as markets start repricing risks in the global economy, it adds.

It comes as official figures show Singapore's economy grew by 3.8% in the first quarter of 2025 from a year earlier, slowing from an expansion of 5% in the previous three month period.

Image source, Getty Images

Here's a quick look at where five of his key ambitions now stand.

Better trade deals

Trump has previously criticised countries for taking advantage of the US. While many of America's trading partners have 90 days to strike an agreement before higher tariffs are imposed, the White House has said leaders have already reached out to discuss deals and trade concessions.

Boosting US industry

The various tariff moves make it difficult for businesses to predict what the final tariff levels will be and which industries will receive the greatest protections. It's likely businesses will wait for the dust to settle before making any big commitments.

Facing-off with China

A trade war with China is now underway, with Trump previously accusing the nation of taking advantage of the US. Even if this showdown is one Trump wants, picking a fight with the second-largest economy in the world, with military power to match, comes at enormous risk.

Raising revenue

If Trump sticks with his so-called baseline tariffs, plus the additional levies on certain imports and larger ones on China, he's going to get more tariff revenue – at least until Americans switch to more domestic production, when the tariff money gusher could turn to a trickle.

Lower prices for US consumers

The US president has promised his trade policy will help lower prices for consumers, but the consensus among economists is that new tariffs will drive up consumer prices.

• Read more from our North America correspondent Anthony Zurcher: Trump had five tariff goals - has he achieved any of them?

Shares in Japan, South Korea and Australia made gains in early trade on Monday.

The Nikkei 225 rose by 2% and the Kospi added 1.1%.

Meanwhile, the ASX 200 was 0.7% higher.

As we reported earlier, Chinese President Xi Jinping will begin a visit to South East Asia on Monday.

He's set to meet Vietnamese leaders in Hanoi, before travelling to Malaysia and Cambodia later this week.

Xi is looking to strengthen ties with some of China's closest strategic partners, while facing mounting tariffs from the US.

Vietnam's deputy prime minister Bui Thanh Son has said his country plans to sign around 40 agreements with China, including ones on agricultural trade and the green economy.

Image source, Getty Images

Image source, Reuters

US President Donald Trump pushed back against suggestions that Friday's pausing of "reciprocal" tariffs was letting countries "off the hook" for their levies on US imports.

Writing on social media Trump said: "There was no tariff exception announced on Friday."

The president insisted that the electronic goods from China were still subject to the 20% tariffs related to the drug fentanyl - but that they were now in "a different tariff bucket".

The US has long accused Chinese corporations of knowingly supplying groups involved in the creation of the synthetic opioid which sparked a drug crisis in the country.

Trump said that an upcoming investigation into tariffs and national security would look at electronic goods like semiconductors and "the whole electronics supply chain".

He restated his ambition to bring manufacturing back to America, writing "What has been exposed is that we need to make products in the United States".

Trump said this was to avoid "being held hostage" by countries, including China who he described as a "hostile trading nation".

Good morning from Singapore, we're following developments after US President Donald Trump said nobody is getting “off the hook” over tariffs.

In a post on the Truth Social, he referenced the fact the the US had earlier excluded certain electronic products from his reciprocal tariffs on China, adding that they would be just be "moving to a different tariff 'bucket'" - suggesting further tariffs could be expected.

Separately, Chinese President Xi Jinping is set to arrive in Vietnam later today as he starts a trip to three major South East Asian manufacturing nations.

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