China pushed back Tuesday against claims of overcapacity in the world's second largest economy, ahead of the release of results of a U.S. probe on the matter that could result in new tariffs.

Massive capacity in a slew of Chinese industries, from automaking to solar panels, cement and steel manufacturing, among many others, has drawn increasing attention from Beijing's trading partners in recent years. Although China's own leaders have made rebalancing the economy a priority, slowing domestic demand has prompted companies to expand into markets overseas. Surging exports pushed China's trade surplus to a record of nearly $1.2 trillion last year.

Iraq's new prime minister, Ali al-Zaidi, arrived in Turkey on Tuesday for talks that are expected to include the construction of a pipeline to Turkey aimed at reducing the exposure of Iraq's oil exports to tensions in the Gulf region. It is al-Zaidi's third visit abroad since taking office.

Zaidi's meetings with President Recep Tayyip Erdogan and other officials will also focus on security, trade, energy, transportation and water management, Turkish officials said.

President Donald Trump plans to tout his handling of the economy during a visit to suburban Detroit on Monday, defending sweeping tariffs in a swing state where their effects have hurt many businesses as midterm election season heats up.

Trump is visiting a General Motors facility in Milford, home to tracks and proving grounds for new models and vehicles. Early voting is underway for Michigan's Aug. 4 primary, which features fierce nomination fights in both major political parties.

China announced on Friday it was adding 14 European entities to an export control list in retaliation for the European Union penalizing 14 Chinese enterprises as part of its latest round of sanctions against Russia.

Chinese companies will not be allowed to export dual-use items, which can be used for both civilian and military purposes, to the 14 European organizations, China's Commerce Ministry said in a statement.

President Donald Trump is going ahead with new double-digit tariffs on dozens of U.S. trading partners just as the clock runs out Friday on stopgap levies he imposed after a stinging defeat at the Supreme Court.

The United States will slap taxes of 10% to 12.5% on imports from 60 trading partners accounting for 99% of U.S. imports, charging that they have inadequately enforced bans on goods produced by forced labor.

The European Central Bank left interest rates unchanged Thursday amid uncertainty about how volatile energy prices will affect inflation.

The central bank for the 21 countries that use the euro currency left its benchmark rate unchanged at 2.25% following a quarter-point hike at its previous meeting June 11. That increase was aimed at dampening the impact on consumer prices from higher oil prices due to the US-Iran war and subsequent interruption of oil shipments through the Strait of Hormuz.

The Houthi rebels' threat to blockade Saudi Arabia has the potential to widen the Iran war and further disrupt global oil supplies and international trade.

The Iran-backed rebels say they have closed the Bab el-Mandeb Strait to Saudi-linked shipping in retaliation for the kingdom's blockade on Yemen and a recent attack on the international airport in Yemen's rebel-held capital, Sanaa. The Houthis said on Thursday they had attacked two Saudi oil tankers in the Red Sea, causing fires to break out on both.

U.K. Prime Minister Andy Burnham's announcements during his first 24 hours on the job underscore the political and financial challenges he faces as he tries to jump-start the country's sluggish economy.

Burnham, from Britain's left-leaning Labour Party, faces restive voters seeking relief from the high cost of living. At the same time, the investors who help finance the government by buying its bonds are demanding that he reduce public sector debt that has ballooned to levels last seen in the 1960s.

Before the war in Iran, roughly 15 million barrels of Persian Gulf oil were shipped each day through the Strait of Hormuz. Within a few years, much of that oil could bypass the strait.

As Iran's chokehold over the strait drags on and oil prices surge, countries across the Gulf are planning to spend billions of dollars to build pipelines enabling them to redirect more supplies to ports along the Red Sea, Suez Canal and Gulf of Oman.

World oil prices soared Wednesday, with the benchmark international contract Brent North Sea crude surpassing $95 for the first time in nearly six weeks as the United States and Iran carried out more strikes.