Comments from the president and Treasury Secretary Scott Bessent raised expectations that the economic rivals could find a way to reduce the intensity of the trade war.

Mr Trump’s decision to consider backing down in his trade war comes as the harm it has caused America’s economy becomes clearer. Trade shipments between China and the US are collapsing and a critical survey of American businesses shows growth in activity slumped to a 16-month low.

Boeing will feel the impacts of hefty tariffs imposed by President Donald Trump but the company’s strong first quarter has set it up to continue its path to recovery, Boeing executives said Wednesday.