Japan's exports fell for a second straight month as sweeping U.S. tariffs took a toll on the country's manufacturers, with its fragile economy exposed to greater risks from the global trade war in coming months.

"Unlike past direct sanctions, secondary tariffs extend US reach globally, targeting Russia's trade partners. If enforced, they could affect at least 30-40 percent of Russia's oil sales, destabilizing its economy and rippling through global energy supplies," he warned.

India is on track to become the world's fourth-largest economy in 2025, surpassing Japan, marking a significant shift in Asia's economic balance, according to the latest Rubix Country Insights Report: Japan by Rubix Data Sciences.

Bank of England Governor Andrew Bailey said on Tuesday the International Monetary Fund had a key role to play in tackling the buildup of risky imbalances in the world economy, many of them coming from the United States and China.

The research center said its survey also found a "marked departure" from the results of a 2023 survey, with more people seeing China as the world's leading economic power. A median of 41 percent saw China as the top economy, compared with a 39 percent median who named the United States.

Shares have opened mostly higher in Europe following gains in Asian markets despite lingering worries about President Donald Trump's latest updates to his tariffs.

China's economy is likely to have cooled in the second quarter after a solid start to the year, as trade tensions and a prolonged property downturn drag on demand, raising pressure on policymakers to roll out additional stimulus to underpin growth.

President Trump's tariffs are almost "tailor-made" to hit the goods that lower income households prefer to purchase, says economist Ernie Tedeschi of Yale's nonpartisan Budget Lab.

A new Pew survey is suggesting that global viewpoints on China may be trending in a slightly more positive direction for the communist nation.