China has been a fierce critic of sweeping U.S. tariffs that Trump announced on April 2. He later delayed the implementation of most but China, which has said it will respond with its own tariffs on U.S. imports, now faces a deadline next month to negotiate a deal.

US President Donald Trump has announced that all imports from Canada will have a 35% tariff as of August 1. He sent a letter to the country’s president, Mark Carney, informing him of the new rate, which has also been posted on his Truth Social account.

The global car industry has grappled for months to navigate the Trump administration’s trade war. That gives Swamy Kotagiri, CEO of Magna International, the largest auto-parts manufacturer in North America,

"The EU and China are broadly on a colliding trajectory in terms of their trade and industrial policy concerns," he told CNBC. Bones of contention include the challenge of China's overcapacity and trade diversion to Europe, Stec, who is also head of the Mercator Institute's Brussels office, explained.

Relying on Asian suppliers is no longer a safe bet for many factories in Mexico. Companies are racing to change, and they are being encouraged by the government.

Global copper traders are offering cargoes to Chinese buyers as they look to offload metal no longer able to reach the U.S. before President Donald Trump's 50% copper tariff deadline.

President Donald Trump extended his "Liberation Day" tariff pause and sent letters to trading partners announcing new tariff rates for Aug. 1.

Kazakhstan, whose close ties with Russia and China have made it a significant regional player in Central Asia, has said it is ready to reach a compromise with the Trump administration over tariffs due to take effect next month.