The world in brief

Donald Trump extended by 75 days a deadline for the Chinese owners of TikTok to sell its American operations. The video-sharing app had faced shutdown as soon as Saturday. Mr Trump said he hoped to work in good faith with Chinese leaders, “who I understand are not very happy about our Reciprocal Tariffs”. Earlier China promised further levies of 34% on American imports to match those imposed on Chinese goods by Mr Trump on Wednesday.

Markets suffered more losses in response to China’s tariffs announcement. The S&P 500 fell some 4% in morning trading; the NASDAQ dropped by more than 4.5%. American markets had seen their steepest declines since March 2020 on Thursday. Meanwhile Jerome Powell, chair of the Federal Reserve, warned that Mr Trump’s tariffs would spur inflation and slow down economic growth.