Trump placed tariffs totaling 145% on China, leading China to retaliate with tariffs of 125% on the U.S. — essentially triggering a trade war between the world’s two largest economies with the potential to bring on a recession.

A dozen states filed a federal lawsuit Wednesday challenging the Trump administration’s imposition of sweeping tariffs.

Beijing is going on an international charm campaign to coax other countries hit hard by “Liberation Day” tariffs to take on the U.S.

South Korea and the United States agreed to craft a trade package aimed at removing new U.S. tariffs before the pause on reciprocal tariffs is lifted in July, Seoul's delegation in Washington said after a first round of trade talks.

South Korea is counting on cooperation with the White House to reach an agreement on tariffs. The fourth-largest economy in Asia aims to finalize an agreement with Donald Trump by July 8, reports CNBC.

The country is a major exporter to the US and giants such as Samsung Electronics and automaker Hyundai stand to take a hefty hit if the White House goes ahead with its threatened 25 per cent "reciprocal" tariffs.