China’s industrial output grew 6.8% year-on-year in June, quickening from the 5.8% pace in May and beating forecasts, but retail sales growth slowed down, official data showed on Tuesday.
Global sales of electric and plug-in hybrid vehicles jumped 24% in June from a year ago, as a switch to electric vehicles maintained momentum in China and Europe, market research firm Rho Motion said on Tuesday.
President Donald Trump on Saturday threatened to impose a 30% tariff on imports from Mexico and the European Union starting on August 1, after weeks of negotiations with the major U.S. trading partners failed to reach a comprehensive trade deal.
China’s exports regained some momentum in June while imports rebounded, as firms rushed out shipments to capitalise on a fragile tariff truce between Beijing and Washington ahead of a looming August deadline.
The European Union has already prepared a list of tariffs worth 21 billion euros ($24.52 billion) on U.S. goods if the two countries fail to reach a trade deal, Italy’s Foreign Minister Antonio Tajani said in a newspaper interview on Monday.
Oil prices nudged higher on Monday, adding to gains of more than 2% from Friday, as investors eyed further U.S. sanctions on Russia that may affect global supplies, but a ramp-up in Saudi output and ongoing tariff uncertainty limited gains.