Four months since Trump fired the opening salvo of his trade war, only China and Canada have dared to hit back at Washington imposing a minimum 10 per cent global tariff, 50 per cent levies on steel and aluminium, and 25 per cent on autos.

Long before President Trump wielded tariffs as a weapon to punish Indonesia, the country was fighting back a flood of cheap Chinese goods.

President Donald Trump’s evolving trade policy is set to sharply increase the United States’ effective tariff rate (ETR), with Fitch Ratings warning of substantial rises as new duties take effect on August 1.

For investors, the risk now is that the slow drip of news on tariffs leads to complacency about the damage they might cause-the Nasdaq stock index closed a record high yesterday.

Official figures showed modest growth in the second quarter as exports shifted to other countries and Beijing invested in manufacturing and infrastructure.

Only a few years ago, the Biden administration declared export controls a “new strategic asset” to help the US maintain “as large a lead as possible” over China in advanced technology. President Donald Trump is now upending that approach.

China accounted for 5.89% of all U.S. trade in May, its lowest percentage in decades. Trump’s tariffs or trade trickery? It’s hard to dispute it’s a remarkable shift.

"Other trading partners observing these threats will have the same mistrust of the negotiation process," experts argue.

More than a dozen countries stand in the crosshairs of Trump's threat to impose 100% tariffs over their economic ties to Russia.

President Donald Trump has imposed a 93.5% anti-dumping tariff on Chinese graphite, after the U.S. Commerce Department concluded that China had been selling the material in the U.S. at unfairly low prices.