The total value of goods exchanged between the US and China plunged below 2020's pandemic era low in the second month of the new tariff war between two nations.

China warned the Trump administration on Tuesday against reigniting trade tension by restoring tariffs on its goods next month, and threatened to retaliate against nations that strike deals with the United States to cut China out of supply chains.

The pyrotechnics industry relies heavily on Chinese fireworks imports and warns that this could be the last big bang Fourth of July.