Brian Swint

President Donald Trump signaled that the current level of tariffs on Chinese imports will go down, but the latest message from Beijing suggests there isn't much progress toward an agreement.

"China and the United States have not held consultations or negotiations on the tariff issue, let alone reached an agreement," China's foreign ministry spokesman Guo Jiakun said Thursday. Reports of U.S.-China talks are "fake news."

He also called on Trump to just drop the tariffs against China. Separately, a Commerce Ministry spokesman said that any claims of progress in negotiations are "groundless."

Stocks have rallied for the past two days on reports that the U.S.-China trade war will de-escalate. On Thursday, futures for the S&P 500 were pointed lower again before the market opened.

Quantifying the Goal

U.S. officials see the tariffs on Chinese goods dropping to 50% to 65% from the current 145%, The Wall Street Journal reported Wednesday.

For its part, China had signaled that it's open to trade talks. Treasury Secretary Scott Bessent earlier this week said that the current level of tariffs was essentially a trade embargo between the world's two largest economies.

Heavy-Duty Trucks May Get Caught

Administration officials are investigating the national security effects of imports of medium- and heavy-duty trucks. That could signal that tariffs similar to the 25% charge on all new light vehicles -- also known as cars -- could be around the corner. The most recent car tariffs excluded trucks.

Separately, Trump may be considering giving some tariff relief to auto makers, according to reports. Shares of Ford Motor and General Motors rose 1.4% and 1.5%, respectively on Wednesday. They were both falling in Thursday's premarket.

Write to Brian Swint at brian.swint@barrons.com

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April 24, 2025 07:30 ET (11:30 GMT)

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