Vietnam’s trade deal with the US is a wake-up call for Asian governments grappling with the reality that higher tariffs are here to stay.US President Donald Trump announced a 20% tariff on imports from Vietnam,

Asia stock markets saw muted performance on Thursday as market participants assessed a confluence of factors, which included the upcoming resolution of U.S. trade agreements, with a deadline set for July 9,

With Vietnam tariff rate at 20 percent, TD Cowen's John Kernan expects Southeast Asia will see rates "higher than 10 percent."