Vietnam’s main stock index dropped 6.2%, marking its largest one-day decline in over four years, while stocks in Thailand, the Philippines, Malaysia, and Singapore also saw declines. The Thai baht weakened by 0.8%, and other regional currencies also dropped. Southeast Asian assets were hit hard after Trump’s announcement of reciprocal tariffs, with Vietnam, Thailand, and Indonesia facing substantial tariff hikes, alongside a cumulative 54% tariff on China, the region’s largest trading partner.