China's government has said it cannot guarantee that renewed trade tension with Washington can be avoided after US treasury secretary Steven Mnuchin declared a temporary truce in a spiralling dispute that prompted worries of a chilling of global commerce.

Oil rallied yesterday after US president Donald Trump’s decision to walk away from a nuclear deal with Iran.

US Treasury secretary Steven Mnuchin said the stock market will probably see its gains wiped out if politicians fail to deliver planned tax cuts that will benefit corporate America.