Besides imposing 10 per cent tariffs on almost all US trading partners in early April, Trump had announced higher rates for dozens of economies, including the EU and Japan, as he sought to pressure countries to correct practices Washington deemed unfair.

These higher rates were paused for 90 days, but the halt is due to expire on July 9.

All eyes are also on rising tensions between Washington and Beijing.

Trump has taken special aim at China this year, imposing additional levies of 145 per cent on Chinese imports — triggering Beijing’s counter-tariffs of 125 per cent on US goods.

Both sides agreed to temporarily de-escalate in May, but Trump accused China of violating the deal.

The issue was China “slow-walking the approval” of critical mineral exports and rare earth magnets, US Deputy Treasury Secretary Michael Faulkender told CNBC on Monday.

But he maintained Washington is making “good progress” overall in talks.

 AFP