Donald Trump also signed a legislation to amend the Controlled Substances Act regarding the scheduling of fentanyl-related substances.

Analysts warn that weak demand at home and rising global trade risks will ramp up pressure on Beijing to roll out more stimulus.

China has reported its exports accelerated in June as a reprieve on U.S. tariffs prompted a rush of orders by companies and consumers.

Under the new policy, Canada will apply a 25 percent tariff on steel imports from any country — except the U.S. — if the original steel was melted and poured in China.

Trade ties appeared to have stabilised in June after U.S. and Chinese negotiators agreed to revive a fragile truce reached during talks in Geneva in May. The agreement had been strained before the talks by a series of export controls that disrupted supply chains for key industries on both sides of the Pacific.

American companies in China are reporting record-low investment plans and declining confidence in profits this year.

Canadian Prime Minister Mark Carney on Wednesday said that Canada will introduce a tariff rate quota for countries with which it has free trade agreements, excluding the United States, to protect the domestic steel industry.

China’s economy slowed in the second quarter even as it topped market forecast in a show of resilience against U.S. tariffs, though analysts warn of underlying weakness and rising risks that will ramp up pressure on Beijing to roll out more stimulus.