U.S. President Donald Trump meets Japanese Prime Minister Shigeru Ishiba for the first time on Friday as two allies wary of China's rise work to boost business and security ties while an escalating trade war threatens to rupture the global economy.

The owner of Calvin Klein and Tommy Hilfger has been placed on China's unreliable entities list, which could force it to cease operations in the region.

Companies across the country are bleeding cash as they struggle with overcapacity and weak spending in a slumping economy, leaving them vulnerable to tariffs.