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Introduce currency swings and retaliation by other countries into the mix, and the repercussions of Trump's bid to reset global trade balances are likely to prove hard to predict long after Wednesday's announcement.

He is also set to introduce so-called reciprocal tariffs against individual countries based on their trade balance with the US.

Hanoi also said it will lower tariffs on several US imports, including energy and cars, a move aimed at "improving trade balances".

He also wants to restore America's trade balance with its foreign partners - reducing the gap that exists between how much the US imports from and exports to individual countries.

On Thursday, Trump signed a memo that instructed staff to develop custom tariffs for each country, taking into account features such as their existing tariffs, exchange rates, trade balances and other rules.