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China and the U.S. are not having any tariff negotiations, and the U.S. should stop creating confusion, China’s Foreign Ministry Spokesperson Guo Jiakun said on Apr. 25.
President Donald Trump claimed in an interview with TIME magazine the same day that China’s President Xi Jinping called him, and both administrations are engaged in active talks to strike a deal. It would be a “total victory” if the U.S. still has tariffs as high as 50% on foreign imports a year from now, he added.
Meanwhile, China is reportedly mulling suspending the 125% tariffs on key imports from the U.S., Bloomberg reported on Apr. 25.
The publication cited sources familiar with the development to report that China is rethinking the tariff hikes because of the adverse impact of the trade war on critical Chinese industries.
Medical equipment, industrial chemicals, aircraft leasing payments, and select semiconductor products are among the U.S. imports China is considering slashing tariffs on.
The Asian superpower is reportedly considering suspending tariffs on at least eight semiconductor products, excluding products manufactured by the leading U.S. company Micron.
China's latest decision is seemingly a response to the U.S. similarly exempting tech and auto products from tariff hikes on Apr. 14.
As per the report, the Chinese government has asked its domestic companies which U.S. imports they would like to get relief from tariffs. However, no such list has been approved yet.
Related: Tariff Live Updates: Trump's softening rhetoric on China has Bitcoin topping $94K
As of now, China imposes 125% tariffs on U.S. imports, and the U.S. imposes 145% tariffs on Chinese imports.
The crypto market is attempting a recovery as its market cap stood above $3 trillion at the time of writing. Nearly all the coins retreated from their positions following China’s denial of holding any talks.
As per Kraken's price feed, Bitcoin was trading at $94,166.80 at press time.
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