Escalating US trade duties will hit Asia Pacific corporates' supply chains and profitability despite a partial 90-day suspension on some of the tariff increases, Fitch Ratings said in a Thursday release.

The rating agency said ongoing tariffs will squeeze the region's companies that cater to the US as well as export-tied countries.

However, many of Fitch's rated companies have moderate to high headroom that extends some defense against the volatility.

Automotive, technology hardware, chemicals, and metals and mining are the industries most immediately pressured by the US' assertive trade stance, Fitch said, adding that the impact will likely be widespread.

Several Asian exporting nations such as Vietnam, Thailand, Indonesia, Taiwan, India, South Korea, Malaysia, and Japan could see hampered economic growth and weaker corporate earnings outlook due to increased US tariffs, Fitch said.