China's tariffs - due to begin next Monday - would also apply to US oil and farm machinery, but more talks are due this week.

As U.S. President Donald Trump's 10% tariffs on Chinese imports went into effect early Tuesday, Beijing responded with a swaft of retaliatory economic measures targeting American companies.

China imposed tariffs on some U.S. imports in response to new tariffs President Donald Trump put on Chinese goods beginning shortly after midnight on Tuesday.

Donald Trump bungled Elon Musk’s name once again on Monday. The president accidentally referred to the tech billionaire as “Leon.” Fox News aired the gaffe. It came as Trump signed an executive order to create a sovereign wealth fund and as he fielded a question on why Musk (who is leading the non-official Department of Government Efficiency’s drive to cut public spending) should have access to Treasury Department payment systems.

Musk, who last year said “things that inhibit freedom of exchange or distort the market are not good,” became $11 billion poorer Monday.

Tesla's stock value has surged since the presidential election, driven by investor optimism about deregulation under Trump. Despite disappointing financial results, analysts believe Musk's vision for EVs and potential robotaxis will pay off.