External demand continues to support Chinese economic growth, as the first-half trade surplus surged to a new high of $586bn.

Trade ties appeared to have stabilised in June after U.S. and Chinese negotiators agreed to revive a fragile truce reached during talks in Geneva in May. The agreement had been strained before the talks by a series of export controls that disrupted supply chains for key industries on both sides of the Pacific.

Gift Nifty was trading around 25,148 level, a discount of nearly 25.5 points from the Nifty futures’ previous close, indicating a negative start for the Indian stock market indices.

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.

US President Donald Trump has announced that all imports from the EU and Mexico will have a 30% tariff as of August 1. He sent letters to EU President Ursula von der Leyen and Mexico’s President Claudia Sheinbaum informing them of the new rates, which were also posted on his Truth Social account on Saturday.

The president has earned a reputation for bluffing on tariffs. But he has steadily and dramatically raised U.S. tariffs, transforming global trade.

As the tariff war between the United States and China continues, Beijing is tightening its grip on strategic mineral exports, reportedly reviewing permits for more than 2,000 items, including rare earth elements.

Local businesses are facing a confluence of trade pressures, technological disruption and competition, says ASME. Read more at straitstimes.com. Read more at straitstimes.com.