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.

JOHN CULVER is a Nonresident Senior Fellow in the John L. Thornton China Center at Brookings. He served for 35 years as a Central Intelligence Agency officer, including as National Intelligence Officer for East Asia from 2015 to 2018.

Tariffs aren’t the only battleground to keep an eye on in the trade war between the US and China. Access to Wall Street could be used as a lever in the negotiations, leaving almost 300 Chinese companies listed in the US at risk of being removed from American stock exchanges.

In a significant step toward easing trade tensions, China on Wednesday lifted export restrictions on rare earths and military-use technologies for 28 U.S. entities. The move comes just two days after Washington and Beijing struck a breakthrough agreement to temporarily lower 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.

The Trump administration has cut its tariff on “ de minimis” packages, or shipments of goods worth $800 or less, coming in from China from 120% to 54% and slashed the rate from 145% to 30% for packages from commercial carriers.

President Donald Trump‘s top aides spilled the beans Wednesday about how they convinced him to back off his sky-high tariffs on China. They boasted to The Washington Post that they used data showing how his base of support—in particular truckers and longshoremen—would be hurt by the levies to change his mind.