China and Australia will keep open dialogue and look for areas of cooperation despite strategic competition in the Indo-Pacific region, Australia's Prime Minister Anthony Albanese said on Tuesday after meeting China's President Xi Jinping in Beijing.

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.