Overview

• China’s commerce ministry condemned US export controls on AI chips, limits on chip-design software sales and the revocation of student visas, accusing Washington of breaching last month’s Geneva pact while the US faults China for slow-walking rare earth shipments.
• President Trump ordered tariffs on steel and aluminum imports doubled to 50% from June 4, deepening legal uncertainty after a trade court deemed his broader tariff plan unlawful but an appeals court granted a temporary stay.
• Administration officials say a direct call between President Trump and President Xi could be crucial to resolving the stalemate, as both governments insist the other has failed to uphold the truce.
• Major US retailers including Macy’s, Target and Walmart are reworking global supply chains to cut exposure to Chinese production and offset rising tariff costs.
• To reduce dependence on China, the US has asked the EU, Japan, India and other trading partners to submit their best tariff and digital-trade proposals by Wednesday ahead of the reciprocal-tariff deadline.