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.

Japan is concerned about China’s acceleration of its military buildup, especially in Japan’s southwestern areas.

Iron ore prices have been a model of stability in recent months despite the increasing clouds over the outlook for the key steel raw material.

The total value of goods exchanged between the US and China plunged below 2020's pandemic era low in the second month of the new tariff war between two nations.

A study from UC San Diego's School of Global Policy and Strategy found that a trade war with other countries, particularly China, could torpedo one of the United States' most important exporting industries — higher education.

Trade negotiations between the US and China are progressing slowly, potentially leading to an extension of tariff deadlines. China's dominance in rare earth processing, crucial for electric vehicles and clean energy,

"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.

U.S. imports of containerized goods from China tumbled 28.3% year-on-year in June, after higher tariffs on goods from the country's top ocean trade partner extended a steep drop that began in May, supply chain technology provider Descartes said on Tuesday.

The Central Asian nation, rich in critical minerals, is deepening its ties to China but does relatively little trade with the United States.