"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.

The moving target that is U.S. trade policy has been moving quite a bit this week, and the latest maneuvers from the leader of the free world has financial markets on the back foot this morning. Not everyone is worried.

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.

U.S. Secretary of State Marco Rubio met with Chinese Foreign Minister Wang Yi in Malaysia, discussing tariffs and regional cooperation. Despite the ongoing tensions over tariffs, both described the meeting as positive,

U.S. President Donald Trump will host his Philippine counterpart in the White House this month to discuss how the longtime treaty allies can further deepen their security and economic engagements, Philippine officials said Friday.

Australian Prime Minister Anthony Albanese leaves for Shanghai on Saturday on an official visit to China where regional security tensions and efforts to grow economic ties are likely to dominate talks.

At the heart of Trump’s latest trade deal with Vietnam and talks with other trading partners is an effort to counter what he sees as China’s unfair practices to circumvent U.S. tariffs.