Treasury Secretary Scott Bessent indicated the US is satisfied with the current tariff set up with China, a signal the Trump administration is looking to maintain calm with its economic rival before a trade truce expires in November.

Chinese Ambassador Xu Feihong said that the US had long benefited from free trade but was now using tariffs as bargaining chips. He stated that the US had imposed tariffs of up to 50% on India and that China firmly opposed it.

Speaking at an event at the India International Centre, Feihong said tariff and trade "wars" were disrupting the global economic and trade system. His comments came at a time when India and China have been taking steps to steady their bilateral ties.

President Donald Trump’s tariff war is accelerating Beijing’s trade and investment push into developing nations known as the Global South, according to research by S&P Global, potentially creating a new trade order dominated by Chinese firms.

A 90-day pause on imposing higher tariffs on China is due to expire on Tuesday and it is unclear if it will be extended.

Deep dive into 2025’s shifting U.S. tariffs, from ‘Liberation Day’ to China and India moves, with inflation impacts, court challenges, and holiday retail risks.

While Sony didn’t attribute the increase to Trump’s tariffs, consumer companies have been warning for months that higher prices are on the way.

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