China's new bank loans tumbled more than expected in April as a protracted trade war with the United States further eroded the market's appetite during a typically slow month for loan demand.

The White House backed off from the steepest levies, as the costs of an all-out trade war with China threatened global economic growth.

The deal, outlined in a Brazilian government document viewed by Reuters, underscores Brazil's push to strengthen agricultural ties with China as President Luiz Inácio Lula da Silva visits the country, and as rising domestic DDG production fuels the search for alternative markets.

Both countries have agreed to reduce reciprocal tariffs by 115% for an initial 90-day period as talks continue.

Gold sold off in Asian morning trading on Monday after progress was reported between the US and China during weekend trade talks. Bullion fell 1.8 per cent to $3,265 per troy ounce following meetings between US Treasury secretary Scott Bessent and Chinese vice-premier He Lifeng in Geneva over the weekend.

China has removed a ban on airlines taking delivery of Boeing planes after the United States and China agreed a temporary cut in steep tariffs, Bloomberg News reported on Tuesday, citing sources familiar with the matter.

Wall Street was on track to open with losses as the initial euphoria over the 90-day truce in the U.S.-China trade war faded.