US President Donald Trump on Thursday insisted trade talks with China are taking place, directly contradicting Beijing’s denial of any ongoing negotiations.
“They had a meeting this morning… It doesn’t matter who ‘they’ is. We may reveal it later, but they had meetings this morning, and we’ve been meeting with China,” Trump told reporters.
Hours earlier, China’s Ministry of Commerce spokesman He Yadong categorically said: “Any claims about the progress of China-US trade negotiations are groundless as trying to catch the wind and have no factual basis.”
“For all I know, China and the US are not having any consultation or negotiation on tariffs,” China’s Foreign Ministry Guo Jiakun separately said on Thursday. “Still less reaching a deal.”
China to Trump: Yes, we will play your games. We are not as weak and subservient as you expect us to be. This isn’t 2005, it’s 2025 Donald: pic.twitter.com/L1QaBt5NGe
— Peter Spina ⚒ GoldSeek | SilverSeek (@goldseek) April 24, 2025
At the same time, China appears to have quietly rolled back some retaliatory tariffs on US goods. Three import agencies in the southern technology hub of Shenzhen report China has exempted certain US-made semiconductors from its 125% tariff.
“We only found out after we filed the declaration — without doing that, we wouldn’t have known,” Chen Shaoding, a manager at Zhengnenligang Supply Chain, told CNN.
Sources familiar with the matter indicate that Beijing is also considering removing tariffs on medical equipment and industrial chemicals like ethane. These exemptions indicate China acknowledges its continued reliance on certain U.S. imports despite the ongoing trade dispute.
*CHINA WEIGHS EXEMPTING SOME US GOODS FROM TARIFFS AS COSTS RISE
— Spencer Hakimian (@SpencerHakimian) April 25, 2025
And China blinks!
Both countries maintain steep tariffs on each other’s goods, with the US levying duties of up to 145% on Chinese imports and China imposing its 125% tariff on American products.
Read: Trump Backtracks on China Tariffs After Economic Pressure Mounts
Earlier this month, Trump exempted smartphones, computers and other electronics from his “reciprocal” tariffs, giving relief to tech manufacturers like Apple that produce in China.
Breaking: The talk on Wall Street based on their sources inside the White House is that Team Trump is looking for a face saving off ramp on trade even with China. It’s why you see the conflicting responses out of Bessent; they’re an attempt to negotiate through the media, acting…
— Charles Gasparino (@CGasparino) April 23, 2025
Treasury Secretary Scott Bessent earlier suggested tensions could ease, telling reporters he sees an opportunity for a “big deal” between the US and China on trade.
Meanwhile in China:
“10,000 Tariff Grandpa” https://t.co/mMtTRh0vKp
— Joe Weisenthal (@TheStalwart) April 24, 2025
Information for this story was found via Bloomberg, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.