The trade truce between the US and China was fun while it lasted for about 24 hours.
Following the Dec 1 arrest of Huawei Technologies CFO Meng Wangzhou (which took place right around the time Trump and Xi were having dinner in Buenos Aires, and which the entire top echelon of the Trump administration claims to have been unaware of heading into the dinner), on Saturday China made its growing displeasure and rising anger clear when Chinese Vice Foreign Minister Le Yucheng summoned Canadian ambassador to China John McCallum to urge the immediate release of Meng, threatening Canada with grave consequences and calling her arrest as she changed planes in Canada "unreasonable, unconscionable and vile in nature."
Le told McCallum that the arrest was a severe violation of a Chinese citizens’ legitimate rights and interests. The move ignored the law, and Canada should be held accountable if Meng was not immediately released, Le said in the statement.
Meng’s arrest, based on allegations that she committed fraud to sidestep sanctions against Iran with the help of the one bank which over the past decade was directly and indirectly implicated in virtually every instance of money laundering, HSBC, has become a flash-point in trade tensions between the U.S. and China, roiling markets and judging by the latest news, when futures reopen for trading in a few hours we may see another flash crash, because moments ago China’s Vice Foreign Minister doubled down when Le Yucheng also summoned the U.S. Ambassador to China, Terry Branstad, in a protest over the arrest of the Huawei Chief Financial Officer.