The president is set to raise taxes on imports arriving from many countries, including Canada and Mexico. That’s on top of the tariffs that the White House has already announced on specific products,

"The biggest piece in the trade deal puzzle still remains, and the Chinese are unlikely to be as willing to fold."

Officials say some Chinese companies have skirted the tariffs that Trump imposed in 2018 by shipping goods to American customers via third countries.

Liberal comedian Bill Maher conceded his predictions about President Trump's tariffs were incorrect, noting record-high stock markets and no signs of economic depression.

Some commodities have also been subject to individual tariffs. Trump recently announced a 50% tariff on copper imports, effective from 1 August. Steel and aluminium imports are already subject to a 50% tariff from most countries, though in the UK’s case this is 25%.

"The trade deal struck with the U.S. is certainly a relief in that it offers some certainty that U.S. tariffs on Japan-made cars won't rise to punitive levels," said Stefan Angrick, head of Japan and Frontier market economics at Moody's Analytics.

Thai and Cambodian leaders are set for talks Monday to halt the deadliest clash between the neighbors in more than a decade, with the US and China sending envoys after President Donald Trump used tariff threats to press for a ceasefire.

The 15% tariff would be lower than previously threatened, but it would remain a high duty on America’s largest trading partner.