The continent is home to 77 intra-regional deals and 104 extra-regional ones and, as such, is party to 45% of the world’s preferential trade agreements. Indeed, a revamped agreement between ASEAN, Australia and New Zealand took effect on April 21st.

Calling Trump's policy announcements “headline turbulence,” Tan Jing Yi of the Asia & Oceania Treasury Department at Mizuho Bank warned that global economies could be hurt in the long run, adding, “Sentiments swing from hopes of intense relief to inflicted economic gloom.

Asian markets were mixed on Thursday as China poured cold water on US President Donald Trump's comments talking up the prospects of a deal to end their trade war.