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.”
Sponsored · Selkirk Copper Mines
“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.”
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.
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.
Sponsored · Cambria Gold Mines
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.
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:
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.
