President Donald Trump’s 25% tariffs on steel and aluminium imports came into force Wednesday, triggering a reprisal from the European Union as the global trade war enters a new and risky phase.

Vietnamese Prime Minister Pham Minh Chinh has instructed the Ministry of Finance to coordinate with relevant agencies to conduct a comprehensive review of Vietnam’s tax policies with other countries, particularly those with strategic or comprehensive strategic partnerships such as the U.S..

Vietnam officially became the 107th country to join the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports (CbC MCAA), meaning the EU will not apply any tax or non-tax defensive measures against the Southeast Asian nation.

White House walks back doubling of steel and aluminum tariffs as Ontario relents on electricity levy after tit-for-tat day

Talks between the US and China on trade and other issues are stuck at lower levels, people familiar with the matter said, with both sides talking past each other and failing to agree on the best way to proceed.

Australia is playing down the possibility of an exemption from steel and aluminium tariffs expected from US President Donald Trump within days, despite last-minute discussions between officials in Canberra and Washington. 

US and EU tariff barriers create significant challenges for Vietnamese agricultural products, but there are also opportunities for businesses that are ready to adapt promptly.

Japan's trade minister said he had asked the United States not to impose trade tariffs on his country, but did not win any assurance that Japan would be exempt, including from a 25% steel and aluminium duty set to start on Wednesday.