Japanese Finance Minister Katsunobu Kato drew attention by mentioning that the country’s more than $1.1 trillion in U.S. Treasury bonds could potentially be a “card on the table” in negotiations with Washington over Trump’s steep tariffs on autos and other imports.

China is currently evaluating this.” Beijing’s remarks come after Chinese state media reported earlier in the week that the Trump administration had “proactively reached out” through multiple channels.