Chevron Corp. will slash share buybacks this quarter after oil prices have tumbled, indicating that President Donald Trump’s trade war is hurting a key US industry he pledged to help.

China’s economy showed its first big signs of damage from the trade war, as steep U.S. tariffs pummeled export orders and production at the country’s factories. A gauge of new export orders fell in April to its lowest reading since Covid-19 was ravaging the country in 2022,

Since China first joined the World Trade Organisation a quarter century ago, it has developed a particularly Darwinian version of capitalism, in which companies must tolerate unending rounds of brutal price competition,