Beijing on Thursday denied it has held trade talks with Washington despite repeated comments from the US government suggesting there had been engagement.
“There is currently no economic and trade negotiations between China and the United States,” the Chinese commerce ministry’s spokesperson He Yadong said.
Yadong added, “Any claims about the progress of China-US trade negotiations are groundless as trying to catch the wind and have no factual basis.”
US President Donald Trump had suggested on Tuesday that the final tariff rate on China's exports would come down “substantially” from the current 145%.
Trump told reporters that Washington is going to be “very nice” to Beijing. “145% is very high and it won't be that high,” Trump said in a question-and-answer session with reporters in the Oval Office.
Earlier in the day, Treasury Secretary Scott Bessent told a private investor conference put on by JPMorgan Chase that he believed the current situation between China and the US would not last. He told the gathered investors to expect a “de-escalation.”
On Wednesday, Trump said that any reduction in tariffs placed on China will depend on the actions of its leaders.
“It depends on China how soon the tariffs can come down,” he said speaking in the Oval Office.
Trump then confirmed that he was in direct contact with China and President Xi “every day” and that he hopes the two sides would reach a deal.
Meanwhile, Trump’s top economic adviser said he is “optimistic” that a trade deal can be cut with China.
“I’m optimistic that we will have a deal with China, and I’m optimistic that we will be able to take the temperature down a bit and provide both economies and the world breathing space,” Stephen Miran, chairman of the Council of Economic Advisers, said at Semafor’s World Economy Summit.
On Wednesday, Chinese President Xi Jinping said that tariff and trade wars undermine the legitimate rights and interests of all countries, hurt the multilateral trading system and impact the world economic order.
Also, Beijing clarified it has not held trade talks with Washington despite repeated comments from the US government suggesting there had been engagement.
Foreign Ministry spokesperson Guo Jiakun said, “China and the United States have not conducted consultations or negotiations on tariffs, let alone reached an agreement,” calling reports of such information “false news.”
Meanwhile, in Washington DC, China's central bank Governor Pan Gongsheng said China will firmly support free trade rules and the multilateral trading system, in remarks made at a G20 meeting on the sidelines of the IMF-World Bank Spring Meetings.
