China has been a fierce critic of sweeping U.S. tariffs that Trump announced on April 2. He later delayed the implementation of most but China, which has said it will respond with its own tariffs on U.S. imports, now faces a deadline next month to negotiate a deal.

The U.S. and China have reached an agreement — again — to deescalate trade tensions. China is making it easier for U.S. companies crucial magnets and rare earths materials.

Australia's exports to China, its largest trading partner, span agriculture and energy but are dominated by iron ore, and Albanese will travel with executives from mining giants Rio Tinto, BHP and Fortescue and hold business events in three cities over six days.

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.

China's producer deflation deepened to its worst level in almost two years in June as the economy grappled with uncertainty over a global trade war and subdued demand at home, piling pressure on policymakers to roll out more support measures.

The Philippines' ambassador to the U.S. said President Donald Trump will host his Philippine counterpart in the White House to discuss how the longtime treaty allies can further deepen their security and economic engagements and bolster deterrence against aggression in Asian security flashpoints.

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 U.S. gets almost all of its fireworks from China, and the industry is warning that tariffs on Chinese imports could limit supply and send prices soaring.

China confirmed that it had agreed with the U.S. to approve the accelerated export of rare earths after President Donald Trump said he had signed a trade deal with Beijing, and said Washington will also lift some of its export restrictions on Beijing in return.

"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.