Thanks for reading Hyperdrive, Bloomberg’s newsletter on the future of the auto world. As the global car industry descended on Shanghai last week for China’s premier auto show, attendees of an event organized by electric-car maker Zeekr took in sweeping views of the city’s skyline from the rooftop of the landmark Peace Hotel.

Speaking before the Institute of International Finance, Treasury Secretary Scott Bessent leveled criticism of the World Bank and International Monetary Fund, urging them to go "back to basics" in their focus as financial institutions, but also offered support, stressing the United States' desire to continue its leadership role.

Chinese leader Xi Jinping has not spoken to US President Donald Trump on the phone recently, Beijing said Monday, reiterating that no talks are taking place between the two countries to resolve their tariff war.

China's foreign ministry on Monday said President Xi Jinping had not spoken to Donald Trump recently, nor were their respective administrations trying to strike a tariff deal, contradicting the U.S. president's claim in an interview with Time magazine.