China on Friday imposed anti-dumping duties on European brandy, most notably cognac produced in France, as trade tensions between Beijing and United States allies continue to rise.

China spared major cognac producers Pernod Ricard, LVMH and Remy Cointreau from hefty duties on EU brandy on Friday, a rare bright spot at a time of trade tensions between Brussels and Beijing as the two sides row over tariffs on Chinese-made EVs.

Wells Fargo sketched out a hypothetical scenario where the world is divided into three trading blocs led by the U.S., China, and the EU.

US President Donald Trump said his administration will probably start notifying trading partners Friday of the new US tariff on their exports effective Aug. 1, while reiterating a preference for simplicity over complicated negotiations five days before his deadline for deals.

President Donald Trump said early Friday his administration is resuming a broad set of tariffs on dozens of countries after a 90-day pause, as trade negotiations with many of those nations have failed to yield new deals.