Chinese banks extended 280 billion yuan ($38.87 billion) in new yuan loans in April, below analysts' forecasts and plummeting from March's 3.64 trillion yuan, according to Reuters calculations based on data released by the People's Bank of China.

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.

As part of the US China trade agreement, the United States has reduced tariffs on Chinese imports to 30%, while China has brought down its tariffs on American goods to 10%, a massive reduction of over 100 percentage points in some cases.

Brazil signed protocols with China on Tuesday to allow exports of an ethanol by-product used in animal feed, challenging U.S. dominance in the market amid the ongoing China-U.S. trade standoff.

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

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.

Both nations pledged to cut their broad, ballooning tariffs after weekend talks. US tariffs dropped to 30% from 145%, while China’s moved to 10% from 125%, per a joint statement

Rare earth export permits for U.S. customers are likely to have an easier time getting approval from Beijing after Monday's trade war truce, however a complete removal of the restrictions is unlikely,