China reported a better-than-expected economic growth as the world’s second largest economy took advantage of a trade truce with the US amid President Donald Trump’s tariff offensive.

The report on China’s gross domestic product was released as the U.S. took stock of the latest inflation figures, which showed that Trump’s tariffs were starting to push up prices. Prices of the products most exposed to tariffs, like household furnishings, jumped significantly in June.

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China accounted for 5.89% of all U.S. trade in May, its lowest percentage in decades. Trump’s tariffs or trade trickery? It’s hard to dispute it’s a remarkable shift.

The U.S. President was now reportedly seeking “quick wins” with China, rather than addressing the substantial trade deficits between the two countries.

The potential gains for India stem largely from what economists call “trade diversion” – where tariffs or other barriers redirect trade flows from one country to another. As the US implements or threatens tariffs on certain Asian exporters, buyers look for alternative suppliers with similar capabilities but without the tariff burden.

Toyota and Hyundai may have a beef with U.S. protectionism, but they have one thing in common with Trump: when it comes to global markets, it's America first for Asia's legacy automakers.

Under the new policy, Canada will apply a 25 percent tariff on steel imports from any country — except the U.S. — if the original steel was melted and poured in China.

U.S. President Donald Trump ratchet up tariffs on Chinese imports to a prohibitive level of 145%, spurring a round of stimulus measures from Beijing.

China's economy is likely to have cooled in the second quarter after a solid start to the year, as trade tensions and a prolonged property downturn drag on demand, raising pressure on policymakers to roll out additional stimulus to underpin growth.