WASHINGTON, July 25 (Reuters) - U.S. President Donald Trump is unlikely to follow through on his threat to place 100% tariffs on countries that buy Russian oil because it would worsen politically-damaging inflation pressures and his similar threat against buyers of Venezuelan oil has had limited success, especially in China.

Donald Trump’s new Asia tariff strategy is leaving exporters in Vietnam, Indonesia, and the Philippines trying to make sense of what exactly counts as Chinese.

The president imposed tariffs on Japan, one of America’s closest allies, that would have been alarming just months ago. And markets went up.

U.S. and Chinese officials will meet in Stockholm next week to discuss an extension to the deadline for negotiating a trade deal, U.S. Treasury Secretary Scott Bessent said on Tuesday as President Donald Trump announced a deal with the Philippines and released terms of a previous deal with Indonesia.

China’s budget deficit climbed to a fresh record in the first half, highlighting intensified government efforts to shore up domestic demand as Donald Trump’s tariffs reduce exports to the US.

Confident that his right-wing populist policies would help win him favor with Trump’s administration, Orbán said in an interview in April that while tariffs “will be a disadvantage,” his government was negotiating “other economic agreements and issues that will offset them.”

As the EU digs in, President Trump announced two more deals and finalized a third, most notably a pact with Japan. “I just signed the largest deal in history with Japan," Trump

President Donald Trump says the United States and the Philippines are “very close to finishing” a big trade deal as he meets with Philippine President Ferdinand Marcos Jr. at the White House.