Beijing and the Association of Southeast Asian Nations have signed an expanded free trade agreement as both sides face increased protectionism from the United States.

A tariff hike could potentially damage the Chinese economy. The U.S. imported about $438 billion worth of goods and services from China last year, making it the largest destination for China’s exports. In all, that figure accounts for about 15% of China’s exports, according to the Office of the U.S. Trade Representative.

Iowa Republicans are urging the Trump administration to move to restore access to foreign soybean markets amid a trade standoff with China.

In reality, President Xi may have other ideas. While US Treasury Secretary Scott Bessent pushes China to light a fire under consumer spending and the White House touts Trump’s Asia trip as a ringing success, China’s latest five-year plan appears to show Trump’s rebalancing dream to be—as far as Beijing is concerned— a fantasy.

President Trump will meet with Chinese President Xi on Thursday in an attempt to stop the trade war from escalating. Also, Trump terminated trade talks with Canada again after a TV ad played an audio of former President Ronald Reagan criticizing tariffs.

Beijing and the Association of Southeast Asian Nations have signed an expanded free trade agreement as both sides face increased protectionism from the United States.

Global stocks rallied on Monday to a fresh intraday record while the dollar eased on optimism that a potential trade deal was on the horizon between China and the U., as investors awaited a slew of central bank policy announcements and earnings from several megacap companies.