Volvo Cars said it has scaled back its US model lineup this year, among the first examples of a major automaker halting US shipments as President Donald Trump's tariffs make it harder to sell a broad range of vehicles profitably.

President Donald Trump said he would send letters to more than 150 countries notifying them their tariff rates could be 10% or 15% as he forges ahead with his trade agenda.

Asean-5 gross domestic product (GDP) growth is projected to fall to just 3% in 2025 and as low as 1.5% in 2026 if knock-on effects from the US tariffs continue, said Bloomberg Southeast Asia economist Dr Tamara Mast Henderson.

Japan’s exports fell for a second month as US President Donald Trump’s tariff campaign continued to weigh on trade, further raising the risk of a technical recession for the nation’s sputtering economy.

A record share of American firms froze investments in China as trade ties worsened earlier this year, a recent survey suggests.

Malaysia stands a 55% chance of reducing the final US tariff to a 15%-19% range from the current 25%, if positive trade agreements are reached, said Apex Securities Bhd.