Indonesia will not retaliate against U.S. President Donald Trump's 32% trade tariff on Southeast Asia's largest economy, its senior economic minister said on Sunday in the government's first response to the levy.

Taiwan President Lai Ching-te said his government would join other Asian nations in not retaliating against the 32% tariff that the U.S. announced on Taiwanese imports, hoping to negotiate with Washington to mitigate the impact.

Markets plunged and countries readied their retaliation plans a day after Trump announced sweeping tariffs affecting nearly every country.