Fearing a U.S. tariff barrage, Beijing hopes to use “proactive” tariff cuts and investment offers to peel away American partners in Europe and Asia.

Donald Trump is preparing to implement the most extensive tariffs in a century, and some of these tariffs are intended to serve as bargaining chips in trade negotiations, writes "The Washington Post." The newspaper adds that the introduction of a universal basic tariff is unlikely.

The footwear- and accessory-maker says it already has a plan in place to reduce its reliance on imports from China.

Fashion house Steve Madden says it will reduce the goods it sources from China to limit exposure to potential tariffs under the incoming Trump administration. Steve Madden, which makes trendy footwear,