Beijing stated that Washington agreed not to increase future tariffs on Chinese goods above a set level following recent trade talks. Analysts suggest this signals a move towards 'managed competition' between the two largest economies.

Washington would not raise future tariffs on Chinese goods above the level stipulated in a trade truce the two countries hammered out late last year, Beijing said, a commitment arising from talks in South Korea held hours before US President Donald Trump’s arrival in the Chinese capital last week. Analysts said the pledge signals a shift in relations between the world’s two largest economies – from unilateral trade shocks towards a phase of “managed competition”. “We hope the US side will honour...