Kenyan President William Ruto pledged to build closer ties with China on Thursday, a day after saying a global trade war triggered by Washington could deal a “death blow” to the current world order. Ruto is on a five-day visit to China,

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.

Shares of electric carmaker Tesla surged 6.5% in the first trading since CEO Elon Musk said his time devoted to the Department of Government Efficiency would "drop significantly" next month, paving the way for his return to the company.