Tit-for-tat tariffs that began with U.S. President Donald Trump's announcement of hefty import levies on April 2 had threatened to stall trade between the world's two biggest economies and sparked fears of a slowdown in global growth.

China's foreign ministry denied ongoing tariff negotiations with the U.S., contradicting President Trump’s claims of trade talks. Amid escalating tariffs, both countries appear to be exploring ways to de-escalate their trade war and mitigate economic damage.

President Donald Trump said his administration was talking with China on trade, after Beijing denied the existence of negotiations on a deal and demanded the US revoke all unilateral tariffs.