China’s decision to grant zero-tariff access to exports from 53 African countries with diplomatic ties to Beijing is expected to strengthen trade links and create new opportunities for Zimbabwe’s growing blueberry industry, industry representatives have said.

The United States and China announced on Monday, May 12, an agreement to drastically reduce tit-for-tat tariffs for 90 days, de-escalating a trade war that has roiled financial markets and raised fears of a global economic downturn.

China’s Ambassador to Azerbaijan, Lu Mei, has strongly condemned the United States’ recent decision to raise tariffs on its trading partners, including China and Azerbaijan, describing the move as a serious violation of World Trade Organization (WTO) rules and a direct threat to the global economic order.

Gold extended its decline on Monday, falling as much as 1.6% to $3,268, as easing global trade tensions encouraged investors to shift away from safe-haven assets.

Asian stocks surged on Friday, driven by a strong rally on Wall Street and hopes for progress on trade deals between the United States and several of its economic partners.

China retaliated against President Donald Trump's tariffs on Friday by raising its levies on U.S. goods from 84% to 125%, according to a statement from the Customs Tariff Commission of the State Council.

Walmart announced on Wednesday that it has withdrawn its first-quarter operating income forecast, citing uncertainty about the potential effects of sweeping tariffs on China, Vietnam, and other major global suppliers.

China has pushed back once again to U.S. President Donald Trump’s tariff policies by hiking its levies on U.S. imports to more than 80%.