Beijing is confident of hitting its 5% economic growth target this year despite the U.S. and China imposing hefty levies on each other’s exports.

Members of Donald Trump's cabinet gave conflicting messages on Sunday about whether negotiations with China over tariffs are taking place, as the Republican president has asserted. The Trump administration signaled openness last week to de-escalating a trade war between the world's two largest economies that has raised fears of recession.

U.S. Treasury Secretary Scott Bessent on Sunday did not back President Donald Trump's assertion that tariff talks with China were under way and said he did not know if the U.S. president had talked to Chinese President Xi Jinping.