China on Thursday denied U.S. President Donald Trump's assertion that the two sides were involved in active negotiations over tariffs, saying that any suggestion of progress in this matter was as groundless as “trying to catch the wind.

President Trump said 145% tariffs on Chinese imports will "come down substantially" as his administration expressed optimism about a trade deal.

President Donald Trump said Wednesday that he could re-impose “reciprocal” tariffs on some countries in as soon as two or three weeks, a potentially significant re-escalation of the global trade war that has already raised fears of a US and global recession.