U.S. President Donald Trump will meet Japanese Prime Minister Shigeru Ishiba for the first time on Friday as two allies wary of China's rise work to boost business and security ties while an escalating trade war threatens to rupture the global economy.

The world's two biggest economies are on the brink of an economically destructive trade war. Here's what experts think could happen next.

Rising trade tensions between the U.S. and China may push U.S. crude exports lower in 2025 for the first time since the pandemic. Analysts warn that Chinese tariffs could limit U.S. oil access to the worlds largest

China’s tariff increases and other countermeasures were mostly symbolic and apparently designed to project strength while leaving the door open to talks.

But Mr Trump’s most incendiary claims are reserved for China. The Communist Party, he says, “has subsidised and otherwise incentivised” Chinese firms to “export fentanyl and related precursor chemicals that are used to produce synthetic opioids sold illicitly in the United States”.

Asian equities were mixed overnight as the Philippines, Taiwan, and South Korea outperformed, Thailand underperformed, and Pakistan was closed for Kashmir Solidarity Day.

U.S. President Donald Trump's complaints about China's trade practices have increased the odds that a 25-year-old U.S. law that established free trade with Beijing is repealed, trade experts said, a move that could raise tariffs to 61% on average.