China will allow full foreign ownership of carmakers in five years, ending restrictions that helped to fuel its trade dispute with US President Donald Trump as it promotes electric car development.

China is filing a complaint with the World Trade Organisation against US tariffs on steel and aluminium products.

Global stock indexes kept climbing as investors around the world grew more optimistic that a trade dispute between the US and China will be resolved without much damage.

The White House has said Mexico, Canada and other countries may be spared from President Donald Trump's planned steel and aluminium tariffs under national security "carve-outs".