While the White House backed off from its steepest levies on Chinese goods, economists say it’s still too early to declare the US economy is out of danger altogether. Recession risks remain, even if the odds of a downturn have been dialed back a notch.

China is moving to strengthen its alliances as a counterweight to President Donald Trump's trade war, presenting a united front with Latin American countries at an event in Beijing.

Donald Trump said he would raise tariffs on China if the two countries failed to reach a trade deal in 90 days, but would stop short of ratcheting them back up to 145 per cent.