An aggressive U.S. tariff policy will trigger a significant slowdown in the U.S. economy this year and next, with the median probability of recession in the next 12 months approaching 50%, according to economists polled by Reuters.

World Trade Organization says trade between US and China is expected to plunge by 81% in ‘decoupling’

Until now tit-for-tat tariff exchanges had seen the US levy a 145 per cent tax on Chinese imports and China slap a 125 per cent duty on American goods.

President Donald Trump is forging ahead with his aggressive tariff campaign, moving on from “reciprocal” tariffs to the sector-specific tariffs he promised.

The European Union has announced it will impose retaliatory tariffs on American toilet paper, soybeans, eye makeup and hundreds of other products if trade negotiations with the United States aren’t successful.

Less than a year into Donald Trump’s first trade war with China, Chinese leader Xi Jinping made a high-profile visit to an unassuming factory in Ganzhou, an industrial city nestled among rolling hills in the country’s southeast.

China will only engage in talks with the US if its leaders show respect toward Beijing, according to a former top Chinese economic official.

South Korea will seek to delay the implementation of tariffs as long as possible in negotiations with the United States, its finance minister said on Tuesday, as Seoul targets cooperation in areas of mutual interest such as shipbuilding and energy.

Copper imports from Chile, the top supplier of the metal to the United States, do not threaten US security interests, the Chilean government said in a letter to President Donald Trump's administration, which is considering tariffs on the metal needed for electric vehicles and myriad industrial uses.

In March 2025, US President Donald Trump imposed aggressive tariffs on steel and aluminium imports, triggering global economic disruption and affecting countries such as Japan, China, South Korea and India. Canada and other large economies have responded by announcing tariffs on US products. These measures threaten industries reliant on steel and aluminium, including automotive and military sectors, and could lead to significant job losses. Tariffs risk escalating trade wars, harming global welfare and disrupting the world’s post-pandemic economic recovery. Countries should instead turn to stable trade agreements to shore up economic resilience.