Official data will come in time, but everyone is impatient and wants information faster. The FT report noted that “scheduled container volumes are plummeting at the Port of Los Angeles”. According to the IMF, the port accounts for more than 15 per cent of all US imports, with the vast majority of that being shipped from China.

The view that the Chinese leadership was desperate to negotiate a trade deal, to avoid economic pain that could destabilize Chinese society and threaten the Chinese Communist Party’s monopoly on power, is common among China hawks in the United States. This analysis is partly accurate, but it has led many to draw false conclusions.

Chinese President Xi Jinping will visit Shanghai this week, two sources said, showcasing his country's main international financial hub at a time when the trade war with the U.S. has raised the stakes for growth.