Rachel Reeves praised President Donald Trump’s critique of global trade imbalances, adopting a more critical line on China, as the UK Chancellor of the Exchequer appealed for relief from US tariffs.

China exempted some U.S. imports from its steep tariffs in a sign on Friday that the trade war between the two countries could be easing, though China quickly knocked down U.S. President Donald Trump's assertion that negotiations were underway.

President Trump vowed his administration will reach a "fair deal" with China on trade as he floats substantially reducing tariffs on Beijing.