President Donald Trump said that the U.S. and China are working on resolving the tariff war, but Beijing denied his statements. On April 24, China confirmed that it had not held trade talks with Washington, despite repeated claims from Trump that there had been engagements.

The spokesman for the Chinese Ministry of Commerce, He Yadong, noted that any statements about progress in trade negotiations between China and the U.S. were unfounded and lacked factual basis. The spokesman for the Chinese Ministry of Foreign Affairs, Gao Qikuan, also confirmed that China and the U.S. have not yet held consultations or negotiations regarding tariffs, let alone reached an agreement.

Beijing dismisses Trump's statements about trade talks between China and the U.S.

URGENT: China calls Trump's statements about the two countries discussing a trade deal "fake news."

China asserts that there are no ongoing negotiations with the U.S., and they have only called on the U.S. to cancel unilateral tariffs.

- Brian Krassenstein (@krassenstein) April 24, 2025

China rejected President Donald Trump's claims that the U.S. and China are at the negotiating table to resolve the trade war. He Yadong, spokesman for the Chinese Ministry of Commerce, noted that Trump's statements about progress in trade talks between China and the U.S. were unfounded and lacked factual basis.

Trump said he plans to be "very nice" to reach an agreement as Washington discussed this with Beijing this week. The president also called his 145% tariff on Chinese goods "too high" and promised that it would "drop significantly."

On Thursday, another Chinese official dismissed the president's statements and said that China is only willing to negotiate under certain conditions. Qikuan noted that China's position is consistent and clear: if the U.S. wants to fight, Beijing will fight to the end, and "if you want to talk, the door is open."

"China and the United States have not conducted consultations or negotiations on tariffs, let alone reached an agreement."

-Gao Qikuan, spokesman for the Chinese Ministry of Foreign Affairs.

Despite China's position, Trump continued to assert that negotiations were ongoing during a brief interaction with reporters alongside the Prime Minister of Norway on Thursday afternoon. He claimed that a meeting had taken place that morning, and it did not matter who "they" were. Trump acknowledged that he would reveal the details of the negotiations later in the morning and emphasized that "we met with China."

Washington has imposed the highest tariffs on China among all countries, and the country responded with a 125% tariff on American imports. Also, on Wednesday, it was reported that the Trump administration is considering the possibility of reducing tariffs to 50 percent.

Treasury Secretary Scott Bessent added to the conflicting reports and denied Wednesday's reports that the U.S. would lower tariffs on China. He insisted that elevated U.S.-China tariffs must be reduced before trade talks begin. Bessent also added that de-escalation was necessary for the two largest economies in the world to restore their trade partnership.

Bessent also acknowledged that neither side believes the current tariffs are sustainable. He argued that tariffs are equivalent to an embargo and that a trade break between the two countries is not in anyone's interest.

The U.S.-China trade war creates uncertainty in the market

American companies are facing increased import costs, while Chinese exports are contracting due to declining demand from the U.S. The world's hopes for de-escalation of the trade war also sparked a rise in the stock market on Wednesday.

Stock futures fell sharply on Thursday morning after investors heard conflicting statements from Washington and Beijing. Gaurav Malik, chief investment officer at Pallas Capital Advisors in Massachusetts, believes that there will be some volatility in the market until a more permanent solution is found for the turbulence in tariff negotiations.

Gaurav noted that stocks remained within a range during this time, despite expectations of a softer tone on tariffs from the Trump administration. He also claimed that the ultimate goal of the markets is either to cancel tariffs or to achieve significant trade agreements. The financial expert believes that it may take several months to complete the market corrections, and he is confident that there is a clear market correction due to the speed of the decline. $BTC