At the time of writing, the US has not denied China's claims that it has been attempting to initiate talks. But the fact that both sides have now made that assertion indicates there is "some sort of contact", according to Mr Chong.

The gesture comes as the fallout from the trade war has begun to show in China’s economic data, with factory activity in April dropping the most since 2023 as export orders dried up. Yuyuan Tantian, an account affiliated with state broadcaster CCTV,

State media signaled Thursday that China may be open to entering trade talks with the U.S., boosting hopes that the world’s two largest economies will be able to strike a deal on tariffs. Any signs that trade tensions are easing would be good news for investors,