But perhaps the biggest casualty of Trump's tariffs could well be Asia's e-commerce giants - as well as the American companies that rely on Chinese sellers and marketplaces. In a surprise move this week, Trump ditched the "de minimis" rule which exempted parcels under $800 from customs duties.

The executive order staves off triple-digit duties on Chinese goods as U.S. retailers prepared for the critical end-of-year holiday season.