Overview

• China has waived its 125% tariffs on select US semiconductor imports and announced refunds for duties paid between April 10 and 24, signaling a potential easing of tensions.
• President Trump claims Chinese President Xi Jinping called to discuss trade negotiations, but China's Foreign Ministry has officially denied any talks are occurring.
• The US Trade Representative continues structured talks with other trading partners under a 90-day tariff pause, while uncertainty looms over US-China relations.
• The International Monetary Fund has downgraded growth forecasts for major economies, citing the escalating trade war as a significant risk to global economic stability.
• Business groups report a circulating list of 131 US product categories under consideration for Chinese tariff exemptions, though China has not confirmed or publicly communicated this.