The Blubber

President Donald Trump said Thursday that trade talks between the U.S. and China are in progress, disputing Beijing’s claim that no discussions have taken place to ease the ongoing trade war.

“They had a meeting this morning,” Trump told reporters, without specifying who participated. “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.”

China, however, said Thursday that no such talks had occurred, contradicting repeated statements from U.S. officials.

“China and the United States have not conducted consultations or negotiations on tariffs, let alone reached an agreement,” Chinese Foreign Ministry spokesperson Guo Jiakun told reporters, dismissing reports to the contrary as “false news.”

The conflicting claims reflect the lack of clear communication between the two nations and highlight the uncertainty fueling the trade war—contributing to market volatility and extending economic strain for both countries.

U.S. businesses are grappling with soaring import costs, while Chinese exporters are struggling with declining American demand.

This week, both Trump and Treasury Secretary Scott Bessent signaled that a thaw in tensions might be possible.

On Wednesday, Bessent said that excessively high tariffs between the U.S. and China must be lowered before meaningful trade talks can occur, emphasizing that de-escalation is critical to restoring balance in the global trade relationship.

Earlier this month, the White House imposed sweeping 145% tariffs on Chinese goods. In response, Beijing issued retaliatory tariffs and tightened restrictions on exports of critical minerals to the U.S.