Southeast Asian leaders start two days of talks from Monday, seeking to deepen ties with China and Gulf nations, and mitigate the fallout from US President Donald Trump’s tariff hikes.

The tariff announcements placed a particularly high penalty on companies that manufactured in China, causing a scramble to figure out a way to make operational changes very quickly or risk losing billions.

U.S. futures jumped Monday and Asian shares mostly fell after U.S. President Donald Trump said he would delay a threatened 50% tariff on goods from the European Union to July 9 from June 1. Trump announced the decision after a call Sunday with Ursula von der Leyen,

President Donald Trump on Sunday said he has agreed to delay imposing a 50% tariff on European goods until July 9 to allow more time for trade negotiations.

Trump's announcement comes days after he threatened the EU with a 50% tariff after having paused reciprocal tariffs on it and other nations in April.

European Commission President Ursula Von der Leyen said on X that she had a "good call" with President Donald Trump.

High-end medical devices, including those made in the United States, may be especially vulnerable to tariffs because they’re built with parts from around the world.

Importers are bringing in more goods with a recent tariffs pause, but not enough to guarantee retail store shelves won't run low, or empty in the months ahead.