It remains unclear where the China trade war is heading. Last week, U.S. Treasury Secretary Scott Bessent singled out China as “bad actors” in global trade. “China is the most unbalanced economy in the history of the modern world,” he told reporters, “and they are the biggest source of the U.S. trade problems.”

China will next week convene an informal United Nations Security Council meeting to accuse the United States of bullying and "casting a shadow over the global efforts for peace and development" by weaponizing tariffs.