WASHINGTON — President Trump’s trade truce with China may have temporarily cooled tensions between the world’s two largest economies. But the damage from Mr. Trump’s aggressive approach to trade policy will continue to weigh on the global economy.

The “agreement in principle” with China — which has yet to be finalized — would not roll back the hundreds of billions of dollars of tariffs that China and America have placed on each others’ products. Mr. Trump is also escalating his trade fight on other fronts, including slapping higher tariffs on Turkey and preparing to tax $7.5 billion worth of wine, cheese, aircraft and other European goods on Friday. His administration will decide next month whether to impose tariffs on cars imported from Europe and other countries.

On Wednesday, Mr. Trump dangled the possibility of additional tariffs on the European Union if the bloc is unwilling to reduce the trade imbalance between the United States and the E.U.

“I could solve the problem instantly, but it would be too hard. It’d be too harsh. It would involve tariffs on European products coming into this country. And for right now, we’re going to try and do it without that. But that would solve the problem instantly because the United States is not being treated fairly,” Mr. Trump said during a news conference with the Italian president.