Recent reports suggested some tariff relief on the ground as the U.S. and China sought to blunt the economic impacts of punitive tariffs.

China's manufacturing activity contracted in April, an official factory survey showed on Wednesday, keeping alive calls for further stimulus as Donald Trump's "Liberation Day" package of tariffs snapped two months of recovery.

The view that the Chinese leadership was desperate to negotiate a trade deal, to avoid economic pain that could destabilize Chinese society and threaten the Chinese Communist Party’s monopoly on power, is common among China hawks in the United States. This analysis is partly accurate, but it has led many to draw false conclusions.

Also in today’s newsletter, Canada’s Carney prepares to take on Trump, and China’s copper stockpiles set to run out

The United States and China are unlikely to see a rapid hit to their credit ratings from a trade war, S&P Global's top sovereign analyst has said, with damage more likely concentrated on poorer countries and those already on downgrade warnings.

President Donald Trump’s tariff onslaught has roiled Washington and Wall Street for nearly a month. If the trade war persists, the next upheaval will hit much closer to home.

China's leaders have shrugged off the potential impact from U.S. President Donald Trump's trade war, saying they have the tools needed to protect jobs and limit damage from higher tariffs on Chinese e