China's new bank loans tumbled more than expected in April as a protracted trade war with the United States further eroded the market's appetite during a typically slow month for loan demand.

TAIPEI, Taiwan (AP) — China is moving to strengthen its alliances with other countries as a counterweight to President Donald Trump’s trade war, presenting a united front with Latin American leaders 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, presenting a united front with Latin American countries at an event in Beijing

China will host a summit that includes its key Latin American trade partners this week in an effort to advance influence and partnerships in the region, as Beijing and Washington try to defuse their trade war.

The result has been a raft of trade wars between Washington and other governments, Beijing foremost among them. Trump’s disruptions to the global economy are serious, and they may feel novel. But today’s situation is hardly without precedent.

Bullying” leads to isolation, Chinese leader Xi Jinping warned, after the Trump administration rolled back many tariffs.

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.

As the U.S. and China negotiate a trade deal, Trump has lowered a levy on “de minimis” low-value packages, such as online shopping from Shein or Temu.

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.