Trade war: US offered massive tariff cuts – WSJ

The US has offered China a 50% reduction in tariffs on $360 billion worth of imported goods, according to sources that spoke with the Wall Street Journal.

The news adds to the positive mood in markets that followed President Donald Trump tweet saying that the world's largest economies are getting close to a "big deal."

USD/JPY has extended its gains above 109 and other currency pairs are also on the move.