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May,3, 2025

Andrew Campbell 

On May 2, China’s Ministry of Commerce confirmed it is “assessing” recent proposals from the United States to resume trade discussions. This marks a shift in tone from Beijing, which has previously dismissed similar claims by President Donald Trump. The ministry emphasized that any talks would require Washington to first reverse its unilateral tariff hikes.

Tensions have escalated since early April, with the U.S. imposing tariffs of up to 145% on Chinese goods and China responding with 125% levies of its own. Beijing maintains that the trade conflict was initiated by the U.S. and insists on sincerity and mutual respect as prerequisites for any negotiation.

Despite ongoing tensions, both countries have introduced selective tariff exemptions to reduce economic strain. In April, China’s factory activity slowed, with the national statistics bureau citing sudden changes in external conditions. Nonetheless, markets across the Asia-Pacific region reacted positively to recent signs of diplomatic engagement, with stock indexes in Hong Kong, Tokyo, Sydney, and Mumbai recording modest gains. China’s markets remained closed for a public holiday.