The White House has said its agreements with the U.K. and China are starting points, but so far the Trump administration has given up more than it has gained.

Do not mistake the reversal of folly for the triumph of sanity, though. Trade policy between the world’s two largest economies is more restrictive and less predictable than it was before Mr Trump took office. A crash has been averted, but the world will keep paying for the president’s protectionism.

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.