China declared that no trade negotiations with the U.S. are currently underway and demanded the Trump administration take the first step by lifting new tariffs, deepening uncertainty around a rapidly escalating trade standoff.
Tensions between the U.S. and China have escalated in recent weeks following President Donald Trump's announcement of steep new tariffs—up to 145%—on a wide range of Chinese imports. In response, Beijing implemented its own retaliatory tariffs and imposed export restrictions on key minerals critical to U.S. industries, according to CNBC.
