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.

China’s big appetite for the small, green “happy nuts” drives nearly a third of the $3 billion U.S. crop, centered in California.

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

The world’s two biggest economies agreed to a temporary rollback of most of their recent levies after negotiating in Switzerland over the weekend.

Tamer-than-expected inflation and a significant de-escalation of a U.S.-China trade war are easing fears of a sharp squeeze on American households and businesses in coming months, prompting Wall Street firms to pare predictions of a recession and giving the Federal Reserve room to leave interest rates where they are.

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.

Wall Street is on track to open with losses Tuesday as the initial euphoria over the 90-day truce in the U.S.-China trade war faded and markets turned their attention to corporate earnings and new

Nvidia was set to rejoin the $3 trillion club Tuesday for the first time since February. The stock gained 5.4% Monday, putting its market capitalization nose hairs behind $3 trillion — the AI chipmaker's value was $2.