China’s ambassador to Canada, Wang Di, has proposed a partnership between Beijing and Ottawa aimed at resisting American “bullying” and pushing back against U.S. tariffs. Wang suggested that both countries could collaborate to challenge Washington’s unilateral trade policies,

U.S. Treasury Secretary Scott Bessent on Sunday did not back President Donald Trump's assertion that tariff talks with China were under way and said he did not know if the U.S. president had talked to Chinese President Xi Jinping.

Meanwhile, markets continued to rally Wednesday after Trump said he wouldn't fire Federal Reserve Chairman Jerome Powell and he softened his tone on China. Trump suggested that he might increase tariffs on cars from Canada from the current 25% he has levied against them.