Trump started hiking tariffs on Chinese goods shortly after his return to the White House. China ultimately responded with tariffs of its own. Tensions escalated, with tariff rates hitting the triple digits, before a trade truce in May.

Shares in Asia are mostly higher after the U.S. and China ended their latest round of trade talks without a deal

After a “constructive” round of talks ahead of an Aug. 12 deadline, Treasury Secretary Scott Bessent said, “Nothing is agreed until we speak with President Trump.”