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The Financial Times reports that Donald Trump’s top economic adviser has been sought to contain the fallout from the escalation of trade tensions with Beijing, saying there was a  “strong possibility” the US president would meet with Xi Jinping, China’s president, to rescue a deal at the G20 summit in Japan next month.

Larry Kudlow, the director of the National Economic Council, raised the prospect of a face-to-face encounter between Mr Trump and Mr Xi as the US moved to impose sharply higher tariffs on billions of dollars of Chinese imports, dramatically raising the stakes in the trade dispute between the countries.