China Denies Trump’s Trade Talk Assertion, Calls For Abolition Of 'Unilateral Tariffs': 'No Factual Basis' - Alibaba Gr Hldgs (NYSE:BABA), Baidu (NASDAQ:BIDU)

China’s Ministry of Commerce has dismissed rumors of ongoing trade discussions with the United States, labeling such claims as unfounded.

What Happened: The Chinese Ministry of Commerce on Thursday, has denied any ongoing bilateral trade negotiations with the U.S.. The ministry stressed that any claims of progress in such talks have "no factual basis." reported the South China Morning Post.

"At present there are absolutely no negotiations on the economy and trade between China and the U.S.," confirmed He, as cited by CNBC.

Ministry Spokesman He Yadong, during a press conference, called on the U.S. to listen to international and domestic calls for reason. “If the U.S. truly wants to resolve the issue, it should heed rational voices from the international community and domestic stakeholders, completely abolish all unilateral tariffs on China, and find a solution through equal dialogue,” Yadong stated.

The commerce ministry's comments echoed those of Chinese Foreign Ministry Spokesperson Guo Jiakun, who said on Wednesday that there were no ongoing talks, according to state media.

Why It Matters: China’s response comes in the wake of recent remarks made by U.S. Treasury Secretary Scott Bessent at a closed-door investor summit hosted by JPMorgan Chase & Co. Bessent’s comments on tariffs and the ongoing trade tensions with China. The Treasury Secretary had reportedly characterized the high tariffs as "unsustainable" and stated that he expects ‘de-escalation' in U.S.-China tariffs.

Earlier this week, U.S. President Donald Trump hinted at a potential review of the “high tariffs” placed on Chinese goods since the start of his second term. He also noted that senior officials from Beijing had reached out to Washington to lay the groundwork for possible talks.

Furthermore, President Trump recently pledged a significant reduction in the high tariffs placed on Chinese goods, although they will not be completely abolished.

Alibaba Group Holding BABA, PDD Holdings Inc PDD and Baidu, Inc BIDU climbed over 2% on Wednesday, amid optimism over Beijing's softening trade tensions.