President Trump, whose commerce conflict with China has rattled monetary markets and threatened to disrupt big swaths of commerce, steered on Friday that he had been in contact with Xi Jinping, China’s president, whilst Chinese language officers insisted that no negotiations have been occurring.

In an interview with Time on Tuesday, Mr. Trump mentioned Mr. Xi had referred to as him, although he declined to say when, and asserted that his staff was in energetic talks with China on a commerce deal. Requested concerning the interview outdoors the White Home on Friday morning, the president reiterated that he had spoken with the Chinese language president “quite a few instances,” however he refused to reply when pressed on whether or not any name had occurred after he imposed tariffs this month.

Mr. Trump’s feedback appeared aimed toward creating the impression of progress with China to appease jittery monetary markets, which have fallen amid indicators that the world’s largest economies are in a standoff. The S&P 500 is down 10 p.c since Mr. Trump’s Jan. 20 inauguration.

However the president’s claims of talks have been rejected by Chinese language officers, who’ve repeatedly denied this week that they’re actively negotiating with the US.

“China and the U.S. haven’t held consultations or negotiations on the problem of tariffs,” Guo Jiakun, the spokesman for China’s overseas ministry, mentioned in a information convention on Friday. “The US shouldn’t confuse the general public.”

Chinese language officers have repeatedly mentioned the US ought to cease threatening China and interact in dialogue on the premise of equality and respect. On Thursday, He Yadong, a spokesman for China’s Commerce Ministry, mentioned there have been “no financial and commerce negotiations between China and the US.”

“Any claims about progress in China-U.S. financial and commerce negotiations are baseless rumors with out factual proof,” he mentioned. The Chinese language Embassy in Washington declined to touch upon Friday.

“As we’ve all the time acknowledged, President Trump’s staff continues to correspond with their Chinese language counterparts,” mentioned Karoline Leavitt, the White Home press secretary. “The president stays optimistic about securing a good commerce cope with China.”

Mr. Trump ratcheted up tariffs on Chinese language imports to a minimal of 145 p.c this month, in a bid to drive China into commerce negotiations. However Chinese language officers responded by issuing their very own tariffs on American merchandise and clamping down on exports to the US of minerals and magnets which might be mandatory for a lot of industries, together with the protection sector.

The Chinese language additionally seem to have ignored Mr. Trump’s strategies that one of the simplest ways to resolve the problem could be for Mr. Xi to get in contact with him immediately. With the 2 governments at an deadlock, companies that depend on sourcing merchandise from China — various from {hardware} shops to toymakers — have been thrown into turmoil. The triple-digit tariff charges have compelled many to halt shipments fully.

Trump officers have admitted that the established order with China on commerce just isn’t sustainable, and a few have thought of paring again levies on the nation. However the White Home insists it is not going to do this except a deal is reached for China to do the identical.

Requested within the Time interview if he would name Mr. Xi if the Chinese language chief didn’t name first, Mr. Trump mentioned no.

“We’re assembly with China,” he mentioned. “We’re doing wonderful with all people.”

Mr. Trump additionally mentioned, with out proof, that he had “made 200 offers.” He claimed that he would end and announce them within the subsequent three to 4 weeks.

Mr. Trump introduced greater “reciprocal” tariffs on almost 60 international locations firstly of April. The White Home has since mentioned it obtained requests from dozens of nations to barter commerce phrases, and Peter Navarro, the White Home commerce adviser, has mentioned the administration would strike “90 offers in 90 days.”

Ms. Leavitt mentioned this week that the Trump administration had obtained 18 proposals on paper and that the commerce staff was “assembly with 34 international locations this week alone.”

However many commerce consultants have expressed skepticism, on condition that previous U.S. commerce offers have taken on common over a yr to barter.

The president informed Time that commerce with international locations like China had been unfair and wanted to be modified. “You’ll be able to’t allow them to make a trillion {dollars} from us,” he mentioned.

Mr. Trump mentioned he would look individually at firms searching for exemptions from tariffs. He additionally mentioned he had a listing of merchandise that may be wonderful to import. “There are some merchandise I actually don’t need to make right here,” he mentioned.

However Mr. Trump insisted that tariffs have been encouraging firms to maneuver again to the US, and that he would think about having excessive tariffs a yr from now a “complete victory” as a result of the nation could be “making a fortune.”

“It is a great success,” he mentioned. “You simply don’t understand it but.”

In public, Mr. Trump has been saying that his tariffs are figuring out properly, that international locations are coming to him begging for offers and that every little thing will work out fantastically for the American folks.

In non-public, the president’s staff has been much less cheery. Main retailers have briefed Mr. Trump on their expectations for empty retailer cabinets if his tariffs are saved in place. His high financial advisers, Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick, have been so alarmed by the sell-off within the bond markets, and the potential for a widespread monetary panic, that they urged Mr. Trump to place a 90-day pause on his reciprocal tariffs two weeks in the past.

Since then, his staff has targeted on learn how to de-escalate his commerce conflict with China with out showing to have capitulated.

Mr. Trump and a few of his advisers believed that the Chinese language economic system could be extremely weak to U.S. tariffs, given the nation’s dependence on exporting to the US. However they seem to have misunderstood the extent of the president’s leverage over Mr. Xi.

Chinese language officers have made clear, by their statements to the information media, that they haven’t appreciated the bullying tone from Mr. Trump and that any negotiations should be run by a proper course of.

Beijing has additionally fastidiously censored and curated data in China concerning the commerce conflict, and emphasised the nation’s resilience and skill to resist ache.

Mr. Trump, in the meantime, has seen his ballot numbers drop. His approval score on the economic system — all the time a energy for him — has now develop into a weak spot. Republican lawmakers concern a wipeout within the 2026 midterms, compounding the strain on Mr. Trump to make offers that can restore a way of financial well-being.

Eswar Prasad, a professor of commerce coverage at Cornell College and the previous head of the China division for the Worldwide Financial Fund, mentioned each international locations appeared to acknowledge the necessity to start negotiations however every wished to provoke them on their very own phrases.

“The narrative in Beijing appears to have shifted in latest days, with policymakers there stiffening their backs and feeling that they will trip this out,” he mentioned. “Their notion appears to be that the Trump staff will come to them because the U.S. economic system is struggling proportionately extra injury from the escalating commerce conflict.”