Southeast Asian leaders start two days of talks from Monday, seeking to deepen ties with China and Gulf nations, and mitigate the fallout from US President Donald Trump’s tariff hikes.

The tariff announcements placed a particularly high penalty on companies that manufactured in China, causing a scramble to figure out a way to make operational changes very quickly or risk losing billions.

Stock markets across Asia edged higher on Monday, and the euro rallied after President Donald Trump abruptly extended by more than a month his threat to slap 50% tariffs on EU goods, marking another temporary reprieve as part of his erratic trade policy.

Trump increases tariffs on all Chinese imports by 10 percent. China retaliates with 10 to 15 percent tariffs on U.S. coal and liquefied natural gas products, as well as agricultural equipment. Trump also announces a 25-percent tariff on all steel and aluminum products coming into the U.S., which comes into effect in mid-March.

Importers are bringing in more goods with a recent tariffs pause, but not enough to guarantee retail store shelves won't run low, or empty in the months ahead.

Major China-listed Apple suppliers including Luxshare , Goertek and Lens Tech opened sharply lower on Monday after U.S. President Donald Trump threatened tariffs on imported iPhones.

Jamie Dimon said during a global summit that “there’s a chance” the president’s policies could cause stagflation.

According to investment advisory firm Ritholtz Wealth Management, tariff decisions by the current U.S. administration are influenced by "the last person to whisper" in President Donald Trump's ear. Ritholtz's comments came after Trump earlier in the day reignited trade war concerns with threats of aggressive tariffs on Apple (AAPL) and the