Donald Trump's second presidential term promises a return to tariffs as he pressures partners and rivals to tackle everything from migration to drug trafficking, while protecting US industries -- in moves that could trigger new trade wars.

Trump has vowed to impose tariffs of as high as 60% on China, as well as lesser ones with the US’ biggest trade partners, threats that could upend global trade and economic growth. A harsher US tariffs regime could push China to seek stronger ties with developing nations: A new study by the Boston Consulting Group suggests that Beijing’s trade with the Global South — home to 62% of the world’s population — could surpass $1.

The European Commission said on Tuesday it had found "clear evidence" that EU suppliers of medical devices are not given fair access to China's public tenders, a finding that could lead to restrictions on Chinese suppliers in Europe.

The EU accused China on Tuesday of discriminating against European medical device producers in public contracts and warned of "decisive action" unless the issue can be resolved through dialogue with Beijing.