Canada is rumored to remove tariffs on Chinese electric cars soon, as Prime Minister Mark Carney is set to meet with Chinese President Xi Jinping later this week. This would likely lead to the biggest shake-up in the EV space in North America after the US killing its EV incentives.

Carney said the meetings cover "a broad range of issues," including "the commercial relationship, as well as the evolution of the global system. "So I look forward to the meeting with the president," Carney said.

President Donald Trump announced potential finalization plans for TikTok with provisional approval from China's Xi Jinping. Trump criticized Canada's trade practices, expressing reluctance to meet with its Prime Minister.

President Trump has terminated trade talks with Canada following an ad that featured footage of former President Ronald Reagan denouncing tariffs in a speech. Yahoo Finance senior reporter Jennifer Schonberger weighs in on this development and the significance of Trump's expected meeting with Chinese President Xi Jinping in South Korea on October 30.

President Trump will meet with Chinese President Xi on Thursday in an attempt to stop the trade war from escalating. Also, Trump terminated trade talks with Canada again after a TV ad played an audio of former President Ronald Reagan criticizing tariffs.

Stocks have rallied in the US and Asia as optimism grows over a new US-China trade deal. US President Donald Trump and China's Xi Jinping are set to meet this week to decide on the framework for a deal.