China’s leader started a week of diplomacy in Southeast Asia to signal China’s commitment to global trade after U.S. President Trump upended the global economy.

President Xi Jinping’s first overseas trip of the year was meant to showcase China’s clout in the region. Now, President Donald Trump’s tariff threats have turned it into a push to keep Southeast Asian leaders from cutting deals at Beijing’s expense.

China and Vietnam signed dozens of cooperation agreements Monday, strengthening ties between the communist-run countries after Chinese leader Xi Jinping warned that protectionism "leads nowhere" and that a trade war would have "no winners.

But shares in TSMC, the world's largest contract chipmaker have slipped, after US President Donald Trump said he would announce a tariff rate on imported semiconductors over the next week. He did add however, that there would be flexibility on some companies in the sector.

Small factories with tiny profit margins have played a central role in China’s international competitiveness. Many could now face disaster.

President Donald Trump issued some exemptions in tariffs targeted at imports from China. The exemptions include smartphones, computers, processing chips and other electronics. The price of an iPhone had been projected go as high as $2,