Donald Trump draws the line: No tariff cuts for China without ‘substantial’ deal

President Donald Trump said he would not consider reducing tariffs on China without a major concession.

"Well, I'm not going to drop 'em unless they give us something that's, you know, substantial. Otherwise, I'm not going to drop 'em. It'll all work out. Those things always work," Trump told reporters aboard Air Force One.

When pressed on what he would consider “substantial,” Trump pointed to greater market access for American businesses in China.

"Well, free up China, you know, let us go in and work China because, frankly, that's what we want — we wanted and then we almost got it. And then they backed out of that deal. We had it, to go into China and sell our product, sell our wares. In other words, it's called 'open China.' That would be great. That'd be a big win," he said.

Trump insists trade talks are underway: "They had a meeting ..."

Despite China's denials, Trump maintained that trade discussions between Washington and Beijing were ongoing.

"They had a meeting this morning," he said, declining to name participants. "It doesn't matter who 'they' is. We may reveal it later, but they had meetings this morning, and we've been meeting with China."

In a separate interview with Time magazine, Trump also claimed that Chinese officials had reached out to him directly.

"He's called," Trump said. "And I don't think that's a sign of weakness on his behalf," he added, without specifying further details about the alleged call.

China denies talks

Contradicting Trump's claims, China officially denied that any trade negotiations had occurred.

"China and the United States have not conducted consultations or negotiations on tariffs, let alone reached an agreement," Chinese Foreign Ministry spokesperson Guo Jiakun said at a briefing, calling US reports "false news."

However, a White House official said lower-level in-person talks and a phone call between US and Chinese staff had indeed taken place earlier this week.

Trade war escalates: Tariffs soar on both sides

There is growing uncertainty and confusion surrounding the trade war between the US and China, adding volatility to global markets and prolonging economic pain for both nations.

American businesses are grappling with rising import costs, while Chinese exporters are seeing demand from the US plummet.

This month, the Trump administration imposed a 145% tariff on Chinese goods, leading China to retaliate with 125% tariffs and new restrictions on critical minerals exports to the United States.

Treasury Secretary Bessent: De-escalation needed

Treasury Secretary Scott Bessent echoed the need for a cooling of tensions, saying this week that excessively high tariffs must come down before real negotiations can move forward.

"De-escalation is necessary for the world's two largest economies to rebalance their trading relationship," Bessent said.