Barclays' first-half profit rose by a better-than-expected 23%, the British bank said on Tuesday, as its markets business reaped bumper returns from the frenzied trading activity sparked by U.S. President Donald Trump's trade tariffs.

"We still believe the most likely outcome is slow growth and firm inflation: Not a recession, but a backdrop where the adverse effects of trade and immigration controls on growth outweigh the boost from deregulation and fiscal largesse," Morgan Stanley strategist Michael Zezas wrote.

The Trump administration touts tariffs as part of a wider set of "America First economic policies," which have "sparked trillions of dollars in new investment in U.S. manufacturing, technology, and infrastructure," according to the White House's website.

Trump’s protectionist moves likely to keep pushing countries to lessen their reliance on the US, analysts say.

The 15% tariff would be lower than previously threatened, but it would remain a high duty on America’s largest trading partner.

President Donald Trump said he was "not seeking anything" but added that he might visit China "at the invitation of President Xi."

President Trump told reporters this week that he is considering a tariff rebate check. Here’s what he said and what we know.

Most imports will be more expensive as the president settles on tariff rates up to 20% — the highest they've been in nearly a century.