China's top foundry SMIC said on Friday U.S. tariff policy had not led to a "hard landing" the company had initially feared and strong domestic demand would keep its production capacity tight until October.

The BRICS group of nations (Brazil, Russia, India, China, South Africa) are leading a global backlash against the latest round of tariffs brought in by US President Donald Trump, with a senior Chinese envoy calling the US a “bully” and other leaders making it clear they don’t intend to back down in the growing trade war.