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.

U.S. President Donald Trump on Thursday refuted China’s claims that there were no ongoing trade discussions between Beijing and Washington. “They had a meeting this morning … It doesn’t matter who ‘they’ is.