• The president’s complaints came even as the Fed did two things he wanted: It paused its interest rate increases — in fact, it may be getting ready to cut rates — and stopped shrinking its asset portfolio.

High stakes for a U.S.-China trade deal

Senior American and Chinese officials are to meet today in Washington for the latest round of trade talks. Much progress has reportedly been made, but the I.M.F. and the W.T.O. both say that missteps could prove costly for the global economy.

“Officials have resolved most of the issues standing in the way of a deal to end their long-running trade dispute,” according to the FT. Later today, Liu He, China’s vice premier, is to meet Robert Lighthizer, the U.S. trade representative, and Steven Mnuchin, the Treasury secretary, to continue discussions.

Crucial details need to be hashed out. “The two sides remain apart on two key issues — the fate of existing U.S. levies on Chinese goods, which Beijing wants to see removed, and the terms of an enforcement mechanism demanded by Washington to ensure that China abides by the deal,” the FT adds.

Striking an effective agreement is important, according to Christine Lagarde of the I.M.F. “Nobody wins a trade war,” she said in Washington yesterday. “That is why we need to work together to reduce trade barriers and modernize the global trade system.” And the W.T.O. said that a slowdown in global trade would continue through this year. “It is increasingly urgent that we resolve tensions,” said Roberto Azevêdo, the body’s director general.

If there is a breakthrough, President Trump and President Xi Jinping of China could sign a deal as soon as this month. Otherwise, the two countries could extend the negotiations until the G-20 meeting in Japan in late June, the FT says.

Theresa May will work with the opposition on Brexit

Prime Minister Theresa May said yesterday that she planned to cooperate with the opposition Labour Party to avoid a disorderly Brexit, Stephen Castle and Ellen Barry of the NYT report.