Japan's Nikkei 225 fell below 62,000 points for the first time since May 22, sliding 4.4% intraday.

President Trump said he has not yet considered replacing Senate Majority Leader Thune.

At a State Council information office briefing, MOFCOM rebutted concerns over the so-called "excess capacity", saying Chinese products meet global production and consumer needs, broaden consumer choice, lower costs and help buffer inflationary pressure. It said exports of equipment and intermediate goods support trade partners' industrialisation and green transition, noting China supplies over 80% of global PV modules and about 70% of wind-power equipment. MOFCOM also said foreign firms account for 16% of China’s trade surplus and have earned substantial investment returns.