The European Union says United States President Donald Trump's plan to double import taxes on steel and aluminum products "adds further uncertainty to the global economy and increases costs for consumers and businesses on both sides of the Atlantic" and "undermines" efforts to bring an end to the wider tariffs stand-off.

US President Donald Trump and Chinese President Xi Jinping will speak soon to iron out trade issues including a dispute over critical minerals, Treasury Secretary Scott Bessent said on Sunday (Jun 1).

According to S&P Global, Vietnam’s Manufacturing Purchasing Managers’ Index (PMI) rose to 49.8 in May from 45.6 in April, remaining just below the 50-point threshold. The reading signals a near-return to stable operating conditions.

President Donald Trump announced Friday that he would set tariffs on steel imported into the United States at 50%, double their current rate.

Commerce Secretary Howard Lutnick said Sunday that “tariffs are not going away” after a federal appeals court last week paused a block on many of the Trump administration’s sweeping tariffs.

Japanese Prime Minister Shigeru Ishiba is considering visiting Washington to meet President Donald Trump before a mid-month summit of the Group of Seven nations as he seeks a trade deal, the Yomiuri newspaper reported on Sunday.

Australia's steel and aluminum industry is bracing for the impact of the latest tariffs from the United States, just months after the administration of US President Donald Trump rolled out worldwide protectionist measures.

China said on Monday (Jun 2) it "firmly rejects" US claims that it had violated a sweeping tariffs deal, as tensions between the two economic superpowers showed signs of ratcheting back up.

China has accused the United States of “provoking new economic and trade frictions” as it responded to US President Donald Trump’s claims that Beijing had violated a trade truce agreed by the two nations last month, which paused their blistering tariff war.

New orders continued to fall in May as US tariffs reportedly impacted demand for exports, according to the S&P Global Vietnam Manufacturing Purchasing Managers’ Index (PMI) released on Monday.