Rachel Reeves, the chancellor of the Exchequer, broke down public spending plans, including more money for the military, public transport and affordable housing.

© Henry Nicholls/Agence France-Presse — Getty Images

Along with a sharply downgraded projection for global output this year, it urged a “course correction” on trade to help preserve living standards.

© Maggie Shannon for The New York Times

Lee Jae-myung’s inauguration speech was a sign of the diplomatic maneuvering he will need to pull off to navigate relations with China and the United States.

The technological success that has captured the attention of many in the United States is one aspect of the Chinese economy. There’s another, gloomy one.

President Trump’s triple-digit tariffs on Chinese products disrupted global trade — but haven’t appeared to result in major concessions from Beijing.

The negotiations between China and the U.S. will have implications for a global economy rocked by President Trump’s tariffs.

For years, the leader of China has planned to make the world dependent on its exports and know-how. But the strategy has costs for his own country.

The president said reducing tariffs to 80 percent from the current 145 percent “sounds right,” as U.S. and Chinese negotiators prepare to meet in Switzerland.

Shipments of goods to the United States plunged by 21 percent in April, but spiked to Asia as President Trump imposed sky-high tariffs on China.

The Treasury secretary and trade representative plan to meet with Chinese officials this weekend to discuss trade and economic matters.

China’s central bank acted shortly after news that officials from China and the Trump administration will hold their first formal trade talks since the punishing tariffs began.

A slowdown in commerce between the United States and China caused by escalating tariffs was evident in a report Wednesday on manufacturing activity in April.

The president’s turnover of the economic order has unleashed changes that could prove lasting, because other countries will adjust.

Japan had long maintained deep economic ties with both China and the United States. Recent trade tensions may challenge that approach.