US and Indian trade negotiators ended talks on Friday without making major progress on a range of disputes over tariffs and other protectionist measures imposed by both sides that are straining bilateral ties,
China’s factory activity shrank more than expected in June, an official manufacturing survey showed, highlighting the need for more economic stimulus as US tariffs and weaker domestic demand ramped up pressure on new orders for goods.
A host of US consumer companies have warned that costs related to tariffs on goods imported from China would weigh on their results. The United States increased tariffs on $200 billion worth of Chinese goods to 25% from 10% in May.
World shares rallied on Tuesday to hold near one-month highs, with German carmakers outperforming and Wall Street looking to extend gains after the United States stepped back from imposing tariffs on Mexico.
President Donald Trump on Friday announced a deal to lift US tariffs on steel and aluminium imports from Canada and Mexico that had created friction between the neighbors and blocked a new North American free trade agreement.
The White House said on Friday that President Donald Trump is delaying a decision by up to six months on whether to impose tariffs on imported cars and parts to allow for more time for trade talks with the European Union and Japan.
China on Saturday increased tariffs on billions worth of US goods as it prepares to unveil a blacklist of “unreliable” foreign companies that analysts say aims to punish US and foreign firms cutting off supplies to telecoms giant Huawei.
Amid rising fears over US-Chinese trade tensions and mounting tariffs, President Donald Trump has said that firms could easily avoid additional costs by producing goods in the United States.
Trade talks between the US and China broke up on Friday with no agreement, hours after President Donald Trump more than doubled tariffs on $200 billion in Chinese imports.
International Monetary Fund Managing Director Christine Lagarde on Saturday urged G20 policymakers to reduce tariffs and other obstacles to trade, warning that the global economy had hit a “rough patch” due to the trade conflict.