China has reported its exports surged 7.2% in July from a year earlier while its imports grew at the fastest pace in a year, as businesses rushed to take advantage of a truce in President Donald Trump's trade war with Beijing.

President Trump’s executive order carved out a special tariff on goods shipped indirectly to the United States by way of other countries.

President Donald Trump said he could punish China with additional tariffs over its purchases of Russian oil, though one of his top advisers played down the likelihood. Trump floated that possibility on Wednesday after doubling tariffs on Indian goods for buying Russian energy.