The reimposition of Trump's higher tariffs, and also retaliatory measures from U.S. trading partners who did not reach a deal in time, threatens to pull global trade back to where it was in April, with widespread disruption, market volatility, and looming economic pain.

BEIJING—China’s exports grew at a faster clip in June, topping market expectations as trade tensions with the U.S. eased following a round of bilateral talks. Outbound shipments rose 5.8% in June from a year earlier,