Stocks struggled in Asia on Thursday as investors gave a lukewarm reception to the US-Vietnam trade deal, while the dollar held losses ahead of key US jobs data that could impact Federal Reserve interest rates plans.

Attention was also on Washington as Republicans struggled to push Donald Trump's tax-slashing budget bill through the House of Representatives amid warnings it will inflate an already ballooning national debt.

While the Vietnam pact provided hope that other governments can reach agreements with Washington, dealers were cautious as it emerged that the country must still pay tolls of as much as 40 percent for certain exports.

With less than a week left until the US president's July 9 deadline to avoid his "reciprocal" levies, only Britain has signed a deal with the United States while China has agreed a framework that slashed sky-high tit-for-tat levies.

That has stoked worries his "Liberation Day" measures will kick in and spark fresh market turmoil.

In a post on his Truth Social platform, Trump wrote: "It is my Great Honor to announce that I have just made a Trade Deal with the Socialist Republic of Vietnam after speaking........

© International Business Times