China’s budget deficit climbed to a fresh record in the first half, highlighting intensified government efforts to shore up domestic demand as Donald Trump’s tariffs reduce exports to the US.

As the two biggest economic targets in Donald Trump’s trade war, some analysts thought the European Union and China could move closer together and stake out common ground.

U.S. and Chinese officials will meet in Stockholm next week to discuss an extension to the deadline for negotiating a trade deal, U.S. Treasury Secretary Scott Bessent said on Tuesday as President Donald Trump announced a deal with the Philippines and released terms of a previous deal with Indonesia.

Some commodities have also been subject to individual tariffs. Trump recently announced a 50% tariff on copper imports, effective from 1 August. Steel and aluminium imports are already subject to a 50% tariff from most countries, though in the UK’s case this is 25%.

President Trump says he reached a trade agreement with the Philippines following a White House visit by its president. The U.S., the Philippines and other Asian allies are increasing their cooperation to counter China,

South Korea and the United States have been discussing a shipbuilding tie-up that could include investments to modernise U.S. shipyards and more help to repair the U.S. naval fleet as Seoul seeks better tariff terms,

Confident that his right-wing populist policies would help win him favor with Trump’s administration, Orbán said in an interview in April that while tariffs “will be a disadvantage,” his government was negotiating “other economic agreements and issues that will offset them.”

Trump’s so-called reciprocal tariffs are scheduled to go into effect on August 1 after a 90-day delay—just as American families begin back-to-school shopping—and could hike up the cost of consumer goods imported from other countries.

China trade has reached a "good place" with reduced tariffs, but said China's 30% share of global manufacturing is unsustainably imbalanced.