The move by the Trump administration to lower tariffs on goods from China to 30% from 120%, still offers limited reprieve for US small businesses, who remain cautious as tariffs are still sky high by historical levels and are also pressuring profits.

The Asia-Pacific Economic Cooperation (APEC) grouping warned on Thursday that exports from a region that accounts for around half of world trade will slow sharply this year, and barely grow at all, in the wake of U.