Barely a week after a high-profile joint statement signaled a pause in trade hostilities, the U.S. and China are disagreeing again.

Markets appear to be writing off the latest Sino-American trade conflict as quickly as they priced it in. China’s benchmark CSI 300 index is up 1.4% this year, marking a full recovery from its sharp drop in early April after President Donald Trump announced a 34% reciprocal tariff on Chinese goods,

China’s defiant stance in negotiating a tariff truce with the US has convinced some countries they need to take a tougher position in their own trade talks with the Trump administration.