President Trump said that “we’re meeting with China” on tariffs, comments aimed at soothing jittery financial markets. But Chinese officials say no talks have taken place.

Derisking supply chains will take years, but U.S. trade negotiators can set the table for success by strengthening enforcement, mobilizing investment, and lowering barriers.

President Donald Trump said his administration was talking with China on trade, after Beijing denied the existence of negotiations on a deal and demanded the US revoke all unilateral tariffs.

China appears to have quietly rolled back retaliatory tariffs of 125% on some semiconductors made in the United States, according to details provided to CNN on Friday by three import agencies in the southern technology hub of Shenzhen.

While Beijing has consistently said it is open to talks, Chinese officials have struggled to understand the Trump administration’s demands.

An American business group said Chinese officials had surveyed companies about American products that are crucial to their supply chains.