Three weeks after US President Donald Trump effectively declared a trade war with the whole world, new economic forecasts and surveys will point to the initial fallout.

U.S. Customs and Border Protection announced late Friday that some smartphones, computers, chips and other electronics would be exempted from tariffs, but Trump's top economic advisers hit the Sunday talk shows to explain the policy, saying that tariffs against electronics would be coming in the next month or two.

China and the European Union may be looking to strengthen trade ties as Beijing looks to ramp up exports to the EU as trade with the U.S. falters under severe tariffs.