Key takeaways:

• President Trump suggests a "possible" trade deal with China, reflecting ongoing tensions.
• The US has imposed a 10% tariff on all imports from China earlier this month.
• China's government calls for dialogue and mutual respect in trade relations.
• Japan and the EU are seeking exemptions from US tariffs affecting their trade.
• Trump's tariff strategy aims to reduce the US trade deficit, yet may impact consumers domestically.

In a recent indication of potential progress, President Donald Trump stated that a trade deal with China—one of his administration's chief targets for tariffs—could be "possible." Trump referenced a deal made during his previous term in 2020 as a foundation for hopeful negotiations. His comments came as US-China trade tensions remain high and tariffs continue to challenge international trade relations.

Beijing’s foreign ministry responded to Trump’s remarks by emphasizing the need for dialogue based on mutual respect, urging the US to consider cooperation as opposed to unilateral tariff measures. Ministry spokesman Guo Jiakun highlighted the adverse effects of tariff wars, stating, "Trade and tariff wars have no winners and only serve to damage the interests of people all over the world," according to The Jakarta Post.

One month into his second term, Trump has escalated his administration’s trade policies, previously imposing a 10% tariff on all imports from China and indicating plans for further tariffs, including 25% on lumber and other goods. His aggressive approach has evoked retaliatory measures from China, which has imposed tariffs of 15% on US coal and liquefied natural gas, and 10% on several agricultural and automotive products.

Trump’s tariff impositions have also led to international repercussions. Japan has formally requested exemptions from impending tariffs on steel and aluminum, critical to its automotive sector. Reports suggest that Japan's trade minister Yoji Muto is expected to visit Washington soon to assert this request.

Additionally, European Union officials have voiced their intention to respond vigorously should the US apply tariffs on EU goods. Vice President of the European Commission, Maros Sefcovic, reaffirmed that US-EU trade relations exemplify a "win-win partnership" while also expressing readiness for discussions that might involve reducing tariffs on industrial products.

Both domestic and foreign economic analysts caution that the implications of these tariff strategies often lead to increased costs for American consumers rather than punitive measures towards foreign exporters. As the US seeks to address its significant trade deficit, which reached $295.4 billion with China in 2024, the global marketplace is left to navigate the uncertainties surrounding Trump's trade policies.

For further details, you can access the full articles from Channel News Asia, The Jakarta Post, and India Times.