Tit-for-tat tariffs that began with U.S. President Donald Trump's announcement of hefty import levies on April 2 had threatened to stall trade between the world's two biggest economies and sparked fears of a slowdown in global growth.

China's foreign ministry denied ongoing tariff negotiations with the U.S., contradicting President Trump’s claims of trade talks. Amid escalating tariffs, both countries appear to be exploring ways to de-escalate their trade war and mitigate economic damage.

Trump insisted that a meeting with China had taken place regarding tariff negotiations, despite Beijing denying any such talks. Investors, however, saw signs of a de-escalation in the trade war, as global stock markets recovered most of the losses in April.