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Bringing in the shipment of soybeans worth more than million incurred additional tariffs of about million.

Brands seeking KOLs with large, loyal followings have seen their efforts pay off. For example, Ruhnn's top influencer Zhang Dayi, a model-turned online celebrity, helped to sell 2,300 bottles of sunscreen co-branded by Zhang and US skincare brand Neutrogena in just one minute during a May campaign.

Bowman, who acts as an ambassador for the UK's financial services industry, will meet members of the Chinese government as well as business leaders to discuss what role Britain can play in the China-proposed international development program.

Builders continue to monitor how tariffs and the growing threat of a trade war are affecting key building material prices, said NAHB chief economist Robert Dietz.

Brito said AB InBev launched its premiumization strategy in China ahead of other market players as it anticipated the potential of the China market. This strategy has helped AB InBev through some of the beer industry's downturns in China in recent years.