Euro zone industry and trade took major hits in April, likely reflecting U.S. tariffs announcements, challenging the view of economists that the bloc is holding up well in the face of economic turmoil.

The United States and China have agreed on a framework to implement their trade truce, officials on both sides said Wednesday, after concluding two days of talks in London to defuse tensions and ease export restrictions that threaten to disrupt global manufacturing.

The U.S.-China talks on trade resemble arms-control negotiations, with export controls the key weapons. As part of a monthslong feud, the two sides choked off the supply of such exports as rare earths or semiconductor technology in a bid to gain an edge.

Private market funds have been underperforming, according to State Street’s latest private equity index, The Financial Times reports. The index, which tracks cash flows from private equity, private debt and venture capital funds, returned 7.08 percent last year, versus the S&P 500’s total return of 25 percent.

In the days before President Donald Trump suddenly paused most of the punishing tariffs on foreign countries he had revealed in early April, more than a dozen congressional lawmakers were tied to thousands of dollars’ worth of stock transactions,

South Korean President Lee Jae-myung said on Friday that his government would focus on easing regulations and accelerate working-level tariff talks with Washington as part of its broader support for companies on trade issues.

The U.S.-China talks on trade resemble arms-control negotiations, with export controls being the key weapons in each side’s arsenal.