China's factory activity contracted at the fastest pace in 16 months in April, a factory survey showed on Wednesday, keeping alive calls for further stimulus as Donald Trump's "Liberation Day" package of tariffs snapped two months of recovery.

The US President also addressed the American anxiety amid a tariff war with China as he asserted that ‘great times are ahead’ for the American families.

Recent reports suggested some tariff relief on the ground as the U.S. and China sought to blunt the economic impacts of punitive tariffs.