Shares of the company, CATL, surged in their first day of trading. Onshore U.S. investors were blocked from buying its stock as a “decoupling” of finance continued.

The outcome of the trade negotiations, which will continue on Sunday, could determine the trajectory of the global economy.

A movement of manufacturing to Vietnam that began in President Trump’s first term is accelerating as sky-high U.S. tariffs block Chinese exports.

The president said reducing tariffs to 80 percent from the current 145 percent “sounds right,” as U.S. and Chinese negotiators prepare to meet in Switzerland.

Shipments of goods to the United States plunged by 21 percent in April, but spiked to Asia as President Trump imposed sky-high tariffs on China.

Beijing says it will meet with American officials to discuss trade, but warned Washington against using the engagement to ratchet up pressure on China.

The threat of 46 percent levies, among the highest for any country, is rattling Vietnam’s factory managers and workers, as well as thousands of exporters.

Mark Carney, who is running to win a full term as prime minister, has years of experience dealing with Chinese businesses and leadership. It’s become fodder for his opponents.

China is facing a double whammy: corrosive deflation and tariffs that threaten to block trade. Chinese workers will be the biggest casualties.

The move comes before President Trump’s planned imposition of new tariffs on small packages sent to the United States from Hong Kong and China.