President Donald Trump and Chinese President Xi Jinping spoke Thursday and agreed that officials from the U.S. and China will meet soon for more talks to resolve an ongoing trade war.

Japan's chief tariff negotiator Ryosei Akazawa reiterated during a meeting with U.S. Commerce Secretary Howard Lutnick on Thursday that higher import duties imposed by Washington should be reconsidered, as the countries continue negotiations toward a win-win deal.

US tariffs on steel and aluminum doubled to 50% as of 12:01 am ET on Wednesday, a move cheered by the beleaguered American steel industry but worrisome to sectors that heavily use the metals, from car makers to can manufacturers.

President Donald Trump said in a late-night social media post that Chinese leader Xi Jinping was very tough to make a deal with, raising questions about whether a fragile economic truce between the world’s two largest economies will hold.

The UK is contending with a new five-week deadline to finalise its trade agreement with the US after President Donald Trump spared the country’s steel and aluminium exports from a doubling of existing tariffs.

German automakers became the latest to warn that China's export restrictions threaten to shut down production and rattle their local economies, following a similar complaint from an Indian EV maker last week.

U.S. tariffs entered the spotlight once again in Europe on Wednesday as U.S. President Donald Trump's 50% levy on steel and aluminum imports to the U.S. came into effect.

Washington is purportedly driving a hard bargain in its ongoing tariff negotiations with Hanoi.

President Donald Trump announced on Friday that he plans to double the tariffs on steel and aluminum imports—increasing the charge from 25% to 50%.

Prime Minister Anthony Albanese has criticised US President Donald Trump's pledge to double tariffs on steel and aluminium.