China’s government in Beijing has thrown cold water on claims that it has entered into trade negotiations with the U.S.
Chinese officials are strongly denying that any negotiations with the administration of U.S. President Donald Trump are currently taking place. In an official statement, China’s government said it is not talking to their American counterparts about tariffs and that any notion of progress on the trade front is as groundless as “trying to catch the wind.”
China’s comments come after President Trump and officials in his government said Tuesday that things are going “fine with China” and that the final import duties on Chinese goods are likely to come down “substantially” from their current level of 145%. China’s government was quick to mock Trump for those comments and suggesting that progress is being made on bilateral trade between the countries.
No Deal
Guo Jiakun, a spokesman for China’s Foreign Ministry, said during a briefing on April 24 that, “For all I know, China and the U.S. are not having any consultation or negotiation on tariffs, still less reaching a deal.” U.S. Treasury Secretary Scott Bessent later said there were no formal negotiations currently with China. He has also said that reaching a trade deal with China could take two or three years.
Trump’s comments about negotiations with China come as a new Ipsos poll shows that only 37% of Americans approve of the president’s handling of the economy, a lower rating than at any point during his first term in office. Furthermore, 59% of Americans disapprove of Trump’s tariffs on goods from foreign countries, according to a Pew Research Center survey.
Despite the lack of progress on tariffs, U.S. markets continue to rally with stocks of companies that have heavy exposure to China, such as Apple (AAPL), Nvidia (NVDA) and Tesla (TSLA) marching higher.
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