Meanwhile, President Trump on Wednesday said he had reached a trade deal with Vietnam, one week ahead of a July 9 deadline for tariffs to snap back to higher levels for US partner

Trump said Japan’s rate could end up at “30%, 35%,” which would be substantially higher than the 24% initially set when widespread tariffs were announced on April 2.

President Donald Trump’s new trade deal with Vietnam sends a clear signal about where US tariffs on Chinese goods might ultimately land, as talks between Washington and Beijing continue following their recent truce.