Tariff crisis Trump's tariff policy

China confirms: Has concluded a trade agreement with the US

The US and China confirm that the countries have concluded a trade agreement on tariffs. This is stated in a press release from the Chinese Ministry of Commerce released on Friday.

The agreement is based on the Geneva agreement from May, writes CNBC.

The statement reiterates that China will continue to grant export permits for deliveries of controlled goods such as rare earth metals to the US. At the same time, the US will lift a number of existing restrictions against China, a spokesperson for the Chinese Ministry of Commerce said in a statement.

Trump on tariff critics: They should sit down in school

In the coming week, the US will send letters to countries that have not signed a trade agreement to tell them "how much they will have to pay", says US President Donald Trump at a press conference.

- Some countries have become accustomed to blowing us off, says the president.

He reiterated Thursday's statement that he believes the US will reach a deal with India and added that "some countries" will be disappointed.

When asked what Trump thinks of those who criticize his tariff policy, he said they should go back to school.

Trump also reiterated that it would be good if the Federal Reserve lowered interest rates. 

Trump: US suspends trade talks with Canada

The US is suspending all trade talks with Canada in response to a new digital tax on American tech companies, Donald Trump writes on Truth Social. The president calls the measure "a direct and blatant attack" on the US.

"Due to this outrageous tax, we are hereby terminating all trade negotiations with Canada effective immediately," Trump wrote, adding that the neighboring country will be notified within a week of the level of tariffs on their goods.

Canada is "clearly copying the EU," which has also introduced a tax on digital services, the president wrote.

On Thursday, the US Treasury Secretary announced that the G7, which includes Canada, has agreed to pause taxes on digital services for US tech companies in exchange for Congress dropping the proposal for a so-called retaliation tax against foreign investors, Bloomberg reports.

The rise on Wall Street is losing momentum after the announcement.