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 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 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.

Secretary of State Marco Rubio on Friday met with his Chinese counterpart on the sidelines of a major Asian conference in Malaysia as President Trump’s tariffs roil U.S. partners in Asia. Rubio described his conversation with Chinese Foreign Minister Wang Yi as “constructive and pragmatic” and emphasized the importance of keeping channels of communication open.

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.

Trump’s move deepens a rift between two North American countries that have suffered a debilitating blow to their decades-old alliance.

Kazakhstan, whose close ties with Russia and China have made it a significant regional player in Central Asia, has said it is ready to reach a compromise with the Trump administration over tariffs due to take effect next month.

The Indian rupee is poised to open weaker on Wednesday, pressured by a renewed tariff barrage from U.S. President Donald Trump that widened the scope of his trade offensive. The 1-month non-deliverable forward indicated an open in the 85.