China is considering suspending its 125% tariff on some US imports including medical equipment, ethane and plane leasing

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Markets no longer take tariff threats at face value

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U.S. President Donald Trump claimed in an interview published Friday that tariff negotiations were underway with China, but Beijing denied any talks were happening, adding to the series of conflicting signals over efforts to de-escalate a trade war threatening global growth.Speaking to&nbsp;TIME&nbsp;magazine, Trump said discussions were taking place and that Chinese President Xi Jinping had called him — a claim he repeated to reporters as he departed the White House for Rome to attend Pope Francis’ funeral.China quickly rebutted Trump's statement. In a foreign ministry statement posted by the Chinese Embassy in the U.S., Beijing said, "China and the U.S. are NOT having any consultation or negotiation on #tariffs. The U.S. should stop creating confusion."The contradictory messages deepened the uncertainty surrounding Trump’s volatile tariff policy — not just with China, but with dozens of countries scrambling to reach deals to ease the burden of the steep import taxes he has imposed since returning to office in January.Meanwhile, Trump’s negotiating team was holding rapid-fire trade discussions with foreign officials attending the spring meetings of the International Monetary Fund and World Bank Group in Washington.While Trump officials, including Treasury Secretary Scott Bessent, touted signs of swift progress, many foreign counterparts were far more cautious. Finance chiefs at the IMF were departing the meetings increasingly concerned about the risks posed by the tariffs."I'm leaving these meetings with a very clear sense of the risks to jobs, growth, and living standards globally," Irish Finance Minister Paschal Donohoe told&nbsp;Reuters. "The meetings reminded me why we must leave no stone unturned in the weeks and months ahead to reduce this uncertainty."Signs of De-escalationWhile it remains unclear whether concrete deals are being struck to head off steeper tariffs set for early July, there were some signs of easing tensions.China exempted certain U.S. goods — including some pharmaceuticals — from the 125% retaliatory tariffs it had imposed after Trump slapped 145% duties on Chinese imports. A list reportedly circulating among businesses included 131 categories under review for potential exemptions, such as vaccines, chemicals, and jet engines.&nbsp;Reuters&nbsp;could not independently verify the list, and Beijing has yet to comment publicly.The Trump administration has also indicated in recent days it is seeking to reduce tensions, with Bessent stating that both sides recognize the current situation is unsustainable.Separately, Trump told reporters he was close to finalizing a trade deal with Japan — seen by analysts as a “test case” for other bilateral agreements. Talks could be challenging, but some expect Prime Minister Shigeru Ishiba and Trump to announce a pact at the G7 summit in Canada this June.Trump also boasted to&nbsp;TIME&nbsp;that he had made "200 deals" set to be completed within three to four weeks, although he offered no specifics. He said he would consider it a "total victory" if tariffs remained between 20% and 50% a year from now.Trump has argued that his aggressive trade policies will revive U.S. manufacturing industries battered by global competition, but economists warn the tariffs risk fueling higher consumer prices and raising the likelihood of a recession.U.S. stocks were on track for a weekly gain, though they remain down roughly 10% since Trump returned to office in January — underperforming global indexes — while the dollar has tumbled at a historic pace.European and Asian stocks, meanwhile, headed for a second consecutive week of gains on Friday, and the dollar was poised for its first weekly rise in over a month, as investors cautiously welcomed signs that the U.S. and China might be preparing to back away from a full-blown trade war. Wall Street's major indexes also edged higher as investors searched for clarity on the U.S.-China negotiations.