The United States has struck deals over tariffs with some of its key trading partners — including Britain, Japan and the European Union — since President Donald Trump announced “Liberation Day” tariffs against dozens of countries in April. China remains perhaps the biggest unresolved case.

A new tariff simulator shows Chinese exports to the US could plummet without a trade deal, and be redirected towards Southeast Asia and Russia.

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.

President Donald Trump’s tariff threats against Thailand and Cambodia pushed them toward ending their deadly border clash this week, showing again his willingness to use a trade war cudgel to stop armed conflict and upstaging China in its own backyard.