Vietnam had a trade surplus of $123.5 billion with the U.S. last year, leading analysts to warn earlier this year that the country was most at risk. Hanoi had tried to win itself a reprieve by preemptively cutting import duties in the lead-up to April 2.

Nine of the region’s 11 nations have been hit with reciprocal tariffs that could devastate local industries – and create a strategic opening for China.

U.S. President Trump’s latest tariffs have taken aim at some of the fastest-growing economies in Asia, threatening to disrupt trade in places such as Vietnam that are a key part of global supply chains.