U.S. Treasury Secretary Scott Bessent on Tuesday said he warned Chinese officials that continued purchases of sanctioned Russian oil would lead to big tariffs due to legislation in Congress, but was told that Beijing would protect its energy sovereignty.

The U.S. gets almost all of its fireworks from China, and the industry is warning that tariffs on Chinese imports could limit supply and send prices soaring.

China mines around 70% and processes around 90% of rare earths. The U.S. is hoping to change that with investment in the domestic rare earth supply chain.

"We're in much better shape because it's now clear that if there's gonna be a real trade war with anyone, it would just be with China," Secretary Ross tells Fortune.

The US and China are due to start a fresh round of talks on Monday as expectations grow that the world's two biggest economies could agree a 90-day extension to their trade war truce.

TheStreet. The United States and China agreed to extend their 90-day tariff truce on July 29, SCMP reported. Both countries, led by Chinese Vice-Premier He Lifeng and US Treasury Secretary Scott Bessent,

China's appetite for soybeans is likely to weaken during the peak U.S. marketing season later this year, as record imports earlier in 2025 and tepid demand from animal feed producers have pushed up soymeal inventories at home,

"More chips for China means fewer chips for the US," experts said, noting that "China’s biggest tech firms, including Tencent, ByteDance, and Alibaba," have spent $16 billion on bulk-ordered H20 chips over the past year.