China has firmly denied U.S. claims of active trade talks, accusing Washington of misleading the public about the status of bilateral tariff negotiations. On April 25, 2025, Chinese Foreign Ministry spokesperson Guo Jiakun stated that Beijing is “not familiar” with reports suggesting it might exempt certain U.S. goods from tariffs, emphasizing that no consultations are currently underway regarding tariffs .
This statement contradicts U.S. President Donald Trump’s assertion on April 24 that trade discussions were active and that meetings had taken place earlier that day. Trump did not specify the participants in these meetings .
The tariff dispute has escalated, with U.S. tariffs on Chinese goods reaching 145% and China’s retaliatory tariffs on U.S. imports at 125%. These high tariffs have disrupted business operations and raised concerns about global economic growth .
Despite the tensions, global equity markets have continued their upward trend. The FTSE 100 in London marked its ninth consecutive day of gains, closing at a three-week high, while the FTSE 250 also posted modest gains. In New York, the S&P 500, Dow Jones, and Nasdaq all saw significant increases, with the Nasdaq rising by 2.5% .
Analysts interpret the mixed signals from both sides as part of a strategic approach aimed at avoiding economic recession while applying trade pressure. However, investor sentiment remains cautious due to the inconsistent messaging from both the U.S. and China .