The US' sweeping tariffs have hit Asia, with Vietnam and Thailand facing the greatest strain from the increased levies, ING said in a Thursday release.

The announced tariffs for Asia Pacific countries consist of an additional 10% or more on the 10% blanket tariff levied on US imports, the research firm said.

Vietnam grapples with a 46% tariff, while Cambodia, Sri Lanka, and Bangladesh have received 49%, 44%, and 37%, respectively, in duties given the lower-value-added nature of their exports, ING said.

Meanwhile, larger economies like India, Japan, and South Korea face smaller tariffs in the 24% to 26% range, benefitting from exemptions on main manufacturing segments like pharmaceuticals and semiconductors.

Countries with large trade deficits with the US, including Thailand and Taiwan, also face higher tariffs, while those with smaller deficits such as Australia and Singapore have lower tariffs.

The tariffs will significantly impact growth prospects for Vietnam and Thailand, possibly cutting 5.5% and 3%, respectively, from their GDP, ING said.

Downside risks to growth and low inflation, worsened by China's industrial overcapacity, will likely trigger further monetary policy easing across Asia, according to the research firm.

Adverse reactions to tariff risks will also squeeze Asian currencies, with the Thai baht and Vietnamese dong expected to depreciate the most, ING said.