Export-dependent Asian economies, notably South Korea and Japan, are leading efforts to secure interim trade agreements with the United States to avoid punitive tariffs. These countries are seeking deals before a 90-day grace period expires in early July, with tariffs set to rise to 25% for South Korea, 46% for Vietnam, and 36% for Thailand. Treasury Secretary Scott Bessent confirmed ongoing negotiations with 17 U.S. trading partners, with Asian talks progressing well and a potential agreement with South Korea expected soon. The Trump administration's tariff measures, including rates up to 49% on a broad range of products, are prompting Asian nations to recalibrate alliances and supply chains. The Asia-Pacific region, deeply integrated into global value chains, faces heightened exposure to evolving U.S. tariffs. Europe is responding to the uncertainty by positioning the euro and European bond markets as alternatives to U.S. assets. The euro has risen 10% against the dollar, and the IMF projects the new U.S. tariff package will reduce U.S. growth by 0.9% in 2025, with smaller impacts on China (0.6%) and the eurozone (0.2%). The euro's share of global reserves remains at 20%. India is contending with risks such as a fragile capex recovery and IT export headwinds, but also stands to benefit from the 'China-plus-one' strategy and could attract increased portfolio flows. The Indian finance ministry warns that trade tensions and geopolitical risks could disrupt supply chains and raise prices in the current fiscal year. India is expected to contribute 6% to global trade growth over the next five years. Foreign investors are increasingly viewing India as a separate asset class from emerging markets, driven by efficient capital investment and high corporate returns. This trend is expected to result in more dedicated India-focused investment vehicles. China, while losing $159 billion in U.S. export volumes by 2033, is projected to gain $270 billion in trade with Russia and other partners. The U.S. currently accounts for 13% of global imports and 9% of exports.