East Asian economies are scrambling for solutions as new U.S. tariffs are being implemented, roiling markets globally and potentially threatening growth and stability in the region.

U.S. President Donald Trump last week announced a raft of tariffs, with almost every country affected. Some of the duties went into effect on Saturday and others, the highest of them, are effective Wednesday.

The 225-issue Nikkei stock average fell more than 5% in the two days after the new levies were announced last week and almost 8% on Monday. Circuit breakers were triggered in the morning on the futures markets as Nikkei 225 and Topix index futures products fell too fast, and a 10-minute break in trading was called.

Around the region, stocks fell dramatically in other markets, with Hong Kong's Hang Seng Index down about 13%, Taiwan stocks down more than 9% and Shanghai stocks off more than 7%.

China responded to the new Trump tariffs last Friday by targeting U.S. goods with 34% tariffs. These new levies go into effect Thursday. Vietnam, one of the hardest-hit Asian nations, facing new 46% tariffs, is offering to lift all tariffs on U.S. goods and is asking for a delay in the implementation of reciprocal tariffs.

Peter Navarro, a trade adviser to Trump, indicated Sunday that Vietnam’s offer is not good enough, and pointed out that the problem is non-tariff barriers, saying that China is using Vietnam to transship its products to evade U.S. tariffs.

“We are always willing to listen. That’s what Donald Trump does best,” Navarro told Fox News. “But I want to say to the world here: if you want to come and talk to us, don’t say you want to lower the tariffs and be done with it. It’s the non-tariff cheating.”

Taiwan is also seeking to mitigate the tariff damage with a bold offer. Taiwan President Lai Ching-te has proposed to eliminate tariffs on imports from the United States, which announced 32% reciprocal tariffs on Taiwan.

Lai said Taiwan is not planning to counter with retaliatory measures, adding that Taiwanese companies will continue to invest in the United States.

Last month, Taiwan Semiconductor Manufacturing Co. said it will be making an additional $100 billion in investments in the U.S. on top of its ongoing $65 billion in investments.

Thailand, which is facing new 36% tariffs on goods bound for the U.S., said its cabinet ministers will be traveling to the United States for negotiations next week, according to Prime Minister Paetongtarn Shinawatra in a statement released by the Thai government on Sunday.

The statement said the Thai government has put together some proposals, including buying more U.S. energy, aircraft and agricultural goods and increasing investment in the United States.

“I am confident that these proposals will result in successful negotiations with the U.S. so that Thailand and the U.S. can remain friendly allies and trading partners,” Shinawatra said.

Japan was unable to escape the new tariffs despite expectations that Trump might go easy on its key ally. The United States levied a surprising 24% rate on Japan, which followed new 25% tariffs on vehicles and auto parts.

Prime Minister Shigeru Ishiba is seeking to have talks with Trump over the phone this week. The prime minister has indicated that Japan is not thinking of retaliatory tariffs.

Stocks globally have been falling since the new round of tariffs were announced as fears of recession have increased and as money has been rushed to safe haven assets.

The S&P 500, the Dow Jones Industrial Average and the Nasdaq Composite Index have all lost more than 10% over the past month.

“Right now, the smart strategy is not to panic, just stay in because we are going to have the biggest boom in the stock market we’ve ever seen under the Trump policies,” Navarro said, adding the Dow will hit 50,000 by the end of the Trump administration’s term.