Trump prepares new 7.5% tariff on Chinese imports

NEW: President Trump is preparing a new 7.5% tariff on Chinese goods over low-cost exports, according to the AP.
The administration is reportedly trying to increase pressure on China without disrupting the existing trade truce or Trump's planned summit with Xi Jinping.
That makes the measure a calibrated escalation rather than a full reset of the trade relationship.
For $USDCNY and global risk assets, the key question is whether Beijing responds or allows the tariff to remain contained.