The United States and China are not engaged in any talks on tariffs, the Chinese embassy said on Friday, according to Reuters.
- MCX Natural Gas Tips for Today (02-May-2025)
- Emini S&P June futures
- Suzlon Energy Share Rises 0.69% in Early Trade on May 2 Amid Sector Momentum
- Adani Ports & Special Economic Zone consolidated net profit rises 47.78% in the March 2025 quarter
- Gold Rates Today: Gold and silver prices fall again, prices reach a low of $3,210
China and the US are not talking about tariffs. The US should stop causing confusion, said a Chinese foreign ministry statement shared by the Chinese Embassy in the US.
US Stock Index Futures
US stock index futures stretch lower following this headline. At the time of press, the S&P 500 Futures were down 0.2% on the day.
Meanwhile, the US Dollar (USD) Index retreats from session highs with the immediate reaction and was last seen trading at 99.62, still gaining 0.33% on a daily basis.
Generally speaking, a trade war is an economic conflict between two or more countries due to extreme protectionism on one end. It implies the creation of trade barriers, such as tariffs, which result in counter-barriers, escalating import costs, and hence the cost of living.
An economic conflict between the United States (US) and China began early in 2018, when President Donald Trump set trade barriers on China, claiming unfair commercial practices and intellectual property theft from the Asian giant. China took retaliatory action, imposing tariffs on multiple US goods, such as automobiles and soybeans. Tensions escalated until the two countries signed the US-China Phase One trade deal in January 2020. The agreement required structural reforms and other changes to China’s economic and trade regime and pretended to restore stability and trust between the two nations. However, the Coronavirus pandemic took the focus out of the conflict. Yet, it is worth mentioning that President Joe Biden, who took office after Trump, kept tariffs in place and even added some additional levies.
