International Trade

The U.S. and China signaled a desire to avoid a costly trade war after President Donald Trump offered a lifeline to beleaguered telecom equipment maker ZTE Corp. and China’s Xi Jinping dispatched his top economic adviser to Washington.

The U.S. has extended a public hearing on the Trump administration’s proposed tariffs on $50 billion of Chinese goods to accommodate everyone who wants to testify, as both governments continue talks on avoiding a trade war.

ZTE Corp. has suspended all major activities after the U.S. crippled its ability to buy crucial American technology, signaling the potential collapse of one of the world’s largest makers of phones and networking gear.