European countries should do everything they can to avoid a trade war with the US, said Italian Prime Minister Giorgia Meloni.

Recent headlines including President Trump's 50% tariff on copper and the Pentagon's deal to buy a stake in rare earth elements miner MP Materials highlight the importance of the metals market in the trade war.

The Lone Star State sells about $100 billion of goods and services to Europe each year, more than any other state.

“Trump is trying to divide and scare Europe, but if we raise our heads now, there will be division in the American camp, even among his most important supporters, because many companies in key electoral districts would be damaged by our response,” Benifei said in the interview.

The Justice Department plans to go after tariff cheaters. Trade lawyers’ phones are ringing off the hook.

Looming U.S. tariffs, together with a real estate market slump feeding into weakening consumer confidence, saw China's GDP growth slow in the second quarter.

The rate, which slightly exceeded the 5.1 per cent average estimate from analysts polled by Reuters, positions Beijing to hit its full-year target of about 5 per cent. It shows how China has been able to keep growth on track through exports and investment even as it struggles with weak demand at home.

Manufacturers and importers are storing more product in foreign trade zones and bonded warehouses to avoid Trump’s tariffs and preserve cash.

China's naphtha imports will hit record levels this year as new plants and caution over U.S. propane and ethane purchases will drive demand and support refiners' margins for the petrochemical feedstock,