Overview

• The United States and China provide conflicting accounts on the status of tariff negotiations, with Beijing denying talks and US officials offering mixed messages.
• President Trump claims tariff revenues could fund income tax cuts for Americans earning under $200,000, though economists question the feasibility of this plan.
• Treasury Secretary Scott Bessent emphasizes a strategy of 'strategic uncertainty' to gain leverage in trade discussions but acknowledges that a comprehensive deal with China could take months.
• China vows to resist US tariffs, describing them as unilateral and harmful, while announcing measures to mitigate economic impacts, including increased domestic demand and support for affected industries.
• Global financial leaders express concerns over the prolonged trade war's risks to global growth, with no formal agreements reached during recent IMF and World Bank meetings.