Secretary of State Rex Tillerson, right, and Chinese State Councilor Yang Jiechi, left. Photo: Pablo Martinez Monsivais/AP

China refused U.S. Secretary of State Rex Tillerson's demands to cut off North Korea's oil supply in an attempt to discourage Kim Jong-un from pursuing nuclear weapons, Bloomberg reports. Yesterday, National Security Adviser H.R. McMaster said at a White House briefing yesterday that the U.S. is "out of time" with North Korea.

  • China's U.S. ambassador, Cui Tiankai, said the U.S. "should be doing more, much more than now, so that there is real effective international cooperation on this issue."
  • Tiankai also said China would implement the U.N. Security Council resolutions, but "no more, no less."
  • This came hours after North Korea fired a missile over Japan.
  • China is a primary oil exporter to North Korea, and Trump has expressed frustration with China for not being hard enough on them.

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Stocks close down more than 3%

Photo: Alexi Rosenfeld via Getty Images

Stocks took a hit on Wednesday, with the S&P 500, Dow Jones Industrials Average and Nasdaq dropping more than 3% across the board.

Why it matters: The volatility is a break from the stock market grinding higher in the face of spiking coronavirus cases, a stalling economy and gridlocked negotiations over an additional stimulus package.

Zeta, now a Category 2 Hurricane, closes in on Louisiana coast

The probable path of Zeta, per the National Hurricane Center. Photo: NHC/NOAA

Zeta strengthened on Wednesday afternoon, on track to make landfall along the southeastern coast of Louisiana by the afternoon as a "significant" Category 2 hurricane, per the National Hurricane Center.

The state of play: Zeta is producing 100-mph maximum sustained winds and stronger gusts. The storm is gaining strength as it heads northeastward at 20 mph. Louisiana Gov. John Bel Edwards (D) requested a pre-landfall Emergency Declaration in a letter to President Trump on Tuesday.