More than a month after President Donald Trump’s tariff-focused “Liberation Day,” just about all America has won is more deadlines and assurances of ongoing talks.

A day after China and the U.S. agreed to a 90-day truce in their tariffs stalemate, China is moving to strengthen its alliances as a counterweight to President Donald Trump's trade war.

The deal, outlined in a Brazilian government document viewed by Reuters, underscores Brazil's push to strengthen agricultural ties with China as President Luiz Inácio Lula da Silva visits the country, and as rising domestic DDG production fuels the search for alternative markets.

The White House announced a "China trade deal" in a May 11 statement, but did not disclose details. The apparent agreement came together sooner than most observers expected after Trump's 145% tariffs on Chinese imports virtually halted $600 billion in annual trade between the world's two largest economies.

The White House backed off from the steepest levies, as the costs of an all-out trade war with China threatened global economic growth.

Joe Janzen, an agricultural economist at the University of Illinois, said the commodity markets have largely shaken off the initial shock of the trade war, including Trumps’ declaration of April 2 as “Liberation Day,” when he announced stiff worldwide tariffs.

Wall Street was on track to open with losses as the initial euphoria over the 90-day truce in the U.S.-China trade war faded.

Grocers’ sales are more reliant on domestically grown food. Supermarket operator Kroger, which previously disclosed “small single-digit exposure” to inventory from China, was down 4.7 per cent in early trading. Walmart, where the bulk of US sales come from groceries, was off by 0.8 per cent.

Financial markets also repriced after the U.S.-China agreement, slashing bets that the Fed would need to start cutting rates by July to cushion an economic downturn. Traders now see just two interest-rate cuts by year's end, beginning in September.

US stock futures held steady after a strong trading session on Wall Street, where the S&P 500 erased its losses for 2025.