#TradeWarEases

Donald Trump, president of the US has backed down in his trade war with China after announcing a tariff reduction for an initial 90-day period. A joint statement from the White House said the nations recognised "the importance of their bilateral economic and trade relationship to both countries and the global economy."

Shares in Asia rose on Monday (May 12) after Washington said two days of trade talks between China and the US had made "substantial progress". In Hong Kong, the Hang Seng gained 1.3% to 23,155.18, while the Shanghai Composite Index picked up 0.7% to 3,366.15. Japan's Nikkei 225 added 0.4% to 37,644.26 while the Kospi in Seoul gained 0.9% to 2599.84. The FTSE-100 index at 8:15am was up 68.01 at 8622.81.