The Trump administration has officially closed a tariff loophole which China had long exploited to flood the U.S. with cheap goods and increasingly, deadly drugs. President Donald Trump’s April 2 executive order ended the de minimis loophole effective Friday.

Global markets are higher after China's Commerce Ministry said Beijing is evaluating overtures from the U.S. regarding President Donald Trump’s tariffs.

Donald Trump has announced secondary sanctions on Iranian oil as Washington intensifies a “maximum pressure” campaign against the Islamic Republic amid faltering talks over its nuclear programme. The US president said on Thursday that anyone buying Iranian oil or products would be frozen out of doing business with the US,

Beijing is by far the biggest remaining buyer of Iranian oil and refined products after most other customers have pulled out amid crippling sanctions.