The reimposition of Trump's higher tariffs, and also retaliatory measures from U.S. trading partners who did not reach a deal in time, threatens to pull global trade back to where it was in April, with widespread disruption, market volatility and looming economic pain.

China has pushed back against US President Donald Trump's threat to impose an additional 10 per cent tariff on Brics nations, saying the bloc is not seeking confrontation and warning that tariff measures serve no constructive purpose.