"The EU and China are broadly on a colliding trajectory in terms of their trade and industrial policy concerns," he told CNBC. Bones of contention include the challenge of China's overcapacity and trade diversion to Europe, Stec, who is also head of the Mercator Institute's Brussels office, explained.

US President Donald Trump has announced that all imports from Canada will have a 35% tariff as of August 1. He sent a letter to the country’s president, Mark Carney, informing him of the new rate, which has also been posted on his Truth Social account.

The global car industry has grappled for months to navigate the Trump administration’s trade war. That gives Swamy Kotagiri, CEO of Magna International, the largest auto-parts manufacturer in North America,

The value of apparel imports from China to the U.S. fell in May to its lowest monthly level in 22 years, according to latest trade data, highlighting the impact of steep U.S. tariffs.

Relying on Asian suppliers is no longer a safe bet for many factories in Mexico. Companies are racing to change, and they are being encouraged by the government.

European Commission President Ursula von der Leyen said that there needed to be a “genuine rebalancing” in the China-Europe relationship.

The total value of goods exchanged between the US and China plunged below 2020's pandemic era low in the second month of the new tariff war between two nations.

The average U.S. tariff on Chinese exports now stands at 51.1%, while the average Chinese duty on U.S. goods is 32.6%, with both sides covering all their trade, the Peterson Institute for International Economics said.