Overview

• US and Chinese officials accuse each other of breaching the 90-day tariff pause agreed on May 12, with Washington citing slow rare earth approvals and Beijing condemning US export controls and visa revocations.
• President Trump has ordered steel and aluminum tariffs to double to 50 percent from June 4, after an appeals court temporarily reinstated his earlier “Liberation Day” levies that a lower court deemed unlawful.
• China’s Commerce Ministry has pledged forceful countermeasures against what it calls US discriminatory restrictions on AI chips, chip-design software and student visas.
• Retailers including Macy’s, Target, Walmart and Apple report accelerating moves to source goods from India, Vietnam and the Americas to cushion rising import costs.
• Global markets dipped as investors reevaluated the trade détente’s durability, with China’s CSI 300, Hong Kong’s Hang Seng and Japan’s Nikkei all posting losses.