Meanwhile, President Trump on Wednesday said he had reached a trade deal with Vietnam, one week ahead of a July 9 deadline for tariffs to snap back to higher levels for US partner

The tariff deal between the United States and Vietnam sets the stage for a further climb in trade volumes between the countries and will also impact the energy generation mix that powers the fast-growing Vietnamese economy.

Pressure for trade deals is mounting as the temporary reduction of Trump's reciprocal tariffs is set to end in a matter of days.