New US trade tariffs have been condemned by the European Union and other key allies. The EU's chief Ursula von der Leyen said they would cause "dire" consequences for millions around the globe. In China, President Xi Jinping may see Trump’s tariffs as a gift, portraying his country as a champion of free trade. In Australia, officials are angry over the tariffs. In the UK, the 10% tariff on exports will have significant effects and is causing disruption. Asian economies are among the hardest hit, with Indian electronics exports potentially benefiting from higher tariffs on rivals like Vietnam. African countries, including South Africa, face new tariffs, which may affect existing economic ties.

US Vice-President Joe Biden has arrived in China for economic talks, focusing on the economy after the downgrading of US debt and market turmoil. He will explain a "very strong deficit reduction package" and discuss "tremendous mutual interest" in global economic recovery. The visit aims to reassure Beijing that President Barack Obama’s administration has a handle on economic policy. Biden is meeting with his counterpart, Xi Jinping, who is expected to take over the Chinese Communist Party chairmanship and presidency.