President Donald Trump’s push to rebalance global trade in America’s favor has investors on edge, as his threats to impose import tariffs and curb foreign investment raise the specter of retaliation that could spark a global trade war.

The White House offensive is occurring on several fronts: it’s renegotiating the North American Free Trade Agreement and has agreed to revise its bilateral trade pact with South Korea; it’s in talks with nations and blocs that want exemptions from steel and aluminum tariffs; and it’s considering how to punish China for alleged theft of intellectual property. Beijing has threatened to retaliate by imposing tariffs of its own.

Here are the latest developments on trade, updated throughout the day:

EU Rules Out Unilateral Concessions to Trump (6:15 a.m.)

The European Union’s executive briefed the bloc’s governments on Wednesday in Brussels, saying they must be united in trade talks with the U.S. and be ready to “think out of the box fast,” according to an official with knowledge of the discussions. The European Commission, which rules out reviving talks on a broad free-trade deal, is still trying to work out what Trump wants for a permanent exemption on the steel and aluminum tariffs. Formal talks would require a mandate from the 28 governments, something that won’t happen before May 1, when the tariff waiver expires, said the official, who asked not to be identified because talks are private.

U.S. Expected to Unveil Details of Chinese Tariffs (4:00 a.m.)

From the U.S., the next shoe to drop could be a proposed list of Chinese products that it plans to hit with import tariffs. U.S. Trade Representative Robert Lighthizer has until April 6 to publish the list in the Federal Register, though he’s expected to act as soon as March 28.

The public has 30 days to comment on the tariffs after the list appears in the Register, and the government will host a public hearing on the matter. The import duties would come in response to U.S. allegations that China violates American intellectual-property rights.

Trump administration officials said last week the list would likely cover about 1,300 so-called tariff lines, a technical term for the codes used to identify classes of products for trade purposes. Investors and analysts undoubtedly will comb through the list to get a sense of how tariffs will impact individual stocks.

Lighthizer’s office has said the list will include products in aerospace, information and communication technology, and machinery. If the tariffs edge into consumer products like shoes and clothing, they could hit retailers such as Walmart Inc. and Target Corp.

Here’s What Already Happened This Week:

  • U.S. Commerce Secretary Wilbur Ross on March 27 said the president would announce limitations on Chinese investments in America. People familiar with the matter said the White House is considering invoking a law reserved for national emergencies to crack down on Chinese investments in technologies the U.S. considers sensitive.
  • In two filings with the World Trade Organization on March 26, China dismissed the U.S. assertion that the metal tariffs were instituted on national security grounds, arguing instead that they were temporary trade restrictions aimed at protecting domestic producers.
  • The U.S. agreed to revise its free-trade agreement with South Korea and spare the country from steel and aluminum tariffs, the Asian nation reported on March 26.

What to Watch:

  • May 1: Steel and aluminum tariffs relief lapses for Canada, Mexico, the European Union, Brazil and Argentina, unless they’ve already agreed to a permanent solution. Trump could also renew the temporary exemptions for talks to continue.
  • Late May: The Treasury Department must hand over proposed measures to address China’s investment practices involving the acquisition of sensitive technologies.