China’s domestic consumption surprisingly jumped as the economy rode out the tariff rollercoaster in May, offering a confidence boost to Beijing as it stares down the threat of a prolonged trade war with the US.

President Donald Trump and officials from China announced that they have agreed on a framework for a trade deal between the two major economic powers.

Shortly after President Donald Trump returned to the White House in January, he launched a tariff war against China, as part of a broader implementation of import taxes on goods from several dozen countries as Trump seeks to reset the foundations of global trade.