As the two biggest economic targets in Donald Trump’s trade war, some analysts thought the European Union and China could move closer together and stake out common ground.

Higher U.S. tariffs and trade uncertainty have worsened the economic outlook for developing Asia and the Pacific, the Asian Development Bank said in a report on Wednesday as it lowered its growth forecasts for the region for this year and next.

President Trump on Tuesday said the US had reached a trade deal with the Philippines, which will see the country's imports face a 19% tariff into the US. Trump said US exports will face no import tax in the Philippines as part of the deal.

General Motors said tariffs slashed its second-quarter income by more than $1 billion, and other companies pointed to import duties to explain smaller profits.

In an exclusive interview with Newsweek, the former Commerce Secretary discusses trade, China and tariffs under Trump 2.0.

The stock is down, but the reaction is nothing like its steep post-earnings selloff in April. That’s a positive for investors.

The impacts will be felt more broadly in many industries, and the question is when the choice becomes to preserve profits by raising prices.

Steel producers like Cleveland Cliffs and Steel Dynamics both said this week that they raised prices after President Trump imposed a 50 percent tariff on imports.