Thailand could suffer a $7 billion to $8 billion export loss from potential U.S. tariffs if the U.S. administration were to even up levies between the two countries, but it has a strategy for trade negotiations, senior officials said on Wednesday.

Planned new U.S. tariffs could have a huge impact on world trade, Bank of Japan Governor Kazuo Ueda said on Wednesday, warning of a possible hit to global growth hours before President Donald Trump is set to unveil reciprocal tariffs.

U.S. President Donald Trump was poised to impose sweeping new reciprocal tariffs on global trading partners on Wednesday, upending decades of rules-based trade, threatening cost increases and likely drawing retaliation from all sides.

Asian stocks struggled for direction in range-bound trading on Wednesday as investors cautiously awaited key tariff announcements from U.S. President Donald Trump later in the global day.

Oil prices steadied in thin trading on Wednesday after falling in the previous session on concerns that new U.S. tariffs, set to be unveiled at 2000 GMT, may deepen a global trade war that could limit crude demand.

The dollar firmed a touch and other currencies held in tight ranges on Wednesday as traders anxiously awaited details of U.S. President Donald Trump’s plans for tariffs, which could upend the global trading system and shake financial markets.