U.S. President Donald Trump has promised to address a longstanding trade deficit with the European Union, saying he will reverse that by imposing tariffs or making the EU buy more U.S. oil and gas. In an "America First Trade Policy" memo issued on his first day back in the White House on Monday,

China does not seek trade surpluses, a top official told the World Economic Forum Tuesday as the next round of U.S. tariffs looms.

Donald Trump’s criticism of China on the campaign trail and after his election had raised the specter that Day 1 of his second presidency would reignite a trade war between the world’s two largest economies.