The Trump administration has been saying that the two countries are engaged in talks to resolve the dispute, but Beijing asserts that no such discussions are happening.

President Donald Trump misjudged Beijing by calculating that it would cave into economic pressure, leaving the US unprepared to handle the current tariff standoff, according to an adviser to China’s Foreign Ministry.

Businesses across multiple industries are hiking prices, backing away from previous financial guidance and warning of growing uncertainty as U.S. President Donald Trump's trade war pushes up costs, upends supply chains and stirs concerns about the global economy.