U.S. Trade Representative Greer said on Monday the newly implemented Section 301 tariffs are not expected to create economic effects beyond those already priced in. Greer said President Trump’s tariff increases on roughly 60 trading partners, at about 10% or 12.5%, are similar to prior global tariff actions and therefore may not materially change economic outcomes. She added the set of countries targeted by the new 301 measures is narrower than the earlier broadly applied 10% temporary tariff, b

South Korea's KOSPI index extended losses to 7% as SK Hynix fell 10% and Samsung Electronics dropped more than 8%.

MOFCOM on July 28 published a position paper on the so‑called “overcapacity” issue, calling on all parties to dismantle trade and investment barriers and broaden openness to deepen industrial cooperation. The ministry urged cutting trade barriers, facilitating cross‑border flows of goods, capital and production factors, and promoting fuller market competition to stimulate firms, expand supply and create demand. It warned that closing markets would choke upstream liquidity and impede innovation. MOFCOM also urged easing investment entry restrictions, simplifying procedures, removing obstacles, and providing a fair, transparent, predictable environment that better protects the legitimate rights of foreign investors.