The ratcheting up of trade restrictions comes as Trump has been threatening to sharply raise tariffs on imports from China and other countries.

U.S. stocks are drifting around their records on Tuesday as Wall Street's white-hot rally lets off the accelerator. The S&P 500 was virtually flat in afternoon trading, a day after rising tech stocks helped it set an all-time high for the 54th time this year.

General Motors Co.’s stock slid 2.5% early Wednesday as the auto giant’s joint-venture in China booked more than $5 billion in impairment charges and write-downs in the face of competitive price wars in that market.

General Motors said it expects to incur more than $5 billion in impairment charges and write-downs this quarter because of weakness in its China business. Shares in the automaker, which are up almost 50% for 2024,