The group signed six agreements, including on maritime transport cooperation to boost connectivity between South and Southeast Asia and disaster prevention.

The levies, part of a broader trade war, are expected to upend supply chains and add thousands of dollars in costs to most vehicle models.

Economists have warned that Trump's tariffs will lead to higher prices on a range of products, including cars, auto parts, electronics, furniture, coffee and chocolate.

The near century-old de minimis loophole helped startup marketplaces like Temu and Shein expand rapidly in the U.S. 

Further analysis revealed that the rates weren't related to foreign tariffs at all, and instead targeted the United States' most prominent trade deficits.

White House Press Secretary Karoline Leavitt said this was because existing U.S. sanctions on Russia "preclude any meaningful trade."

Trump highlighted a list of countries that will be subject to tariffs above the baseline rate, including 20% for the European Union and 34% for China.

Svitzer was spun off from A.P. Moller-Maersk A/S about a year ago, and the shares had lost about 8% since the listing on Nasdaq Copenhagen before April 2.

Henri Capin-Gally, partner in the law firm of White & Case, discusses how nearshoring, disruption and digitization are impacting supply chain mergers and acquisitions.

The weaponization of supply chains is becoming entangled in the new normal of global trade relations.