China's state media says that the US has reached out to Chinese officials about trade negotiations, while US President Trump says China is being "hammered" in a trade war. Yahoo Finance Washington Correspondent Ben Werschkul outlines the latest.
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I know that, and I don't want this to happen, but I know that China is doing very poorly right now. I just saw some reports coming out, and I don't want that to happen to China. I like the president a lot, President Xi. I don't want it to happen. I was I was actually saddened to hear it, but they are getting absolutely hammered in China. But at a certain point, I hope we're going to make a deal with China.
That was President Trump speaking during a cabinet meeting at the White House. The administration has maintained negotiations with China on a potential trade deal, saying they are underway, a claim that Chinese officials have denied. But a Chinese state media affiliated outlet hinting that Beijing may be open to negotiations, writing that US officials have reached out, and that there's no harm to China in a potential meeting. Joining us now, Yahoo Finance Washington correspondent, Ben Werschkul. And Ben, I also want to quickly mention that Claudia Shambaugh commenting on a conversation that Mexico has had with the president, agreeing to continue working in the coming days on trade. What do we know so far about where negotiations stand, especially with China given that triple-digit tariff?
For sure. Yeah, China China's the focus. The focus is turning on China, and what we're looking at this morning are these two these two blog posts that you kind of have to squint a bit, but are being taken by a lot of Chinese experts as as a signal, or at least a hint of openness on possible talks down the road. As you mentioned, the the kind of formal channels between the the between the Trump White House and Beijing are are are still engaged in a standoff. But there's quotes in there that suggests an openness. Another one I'll give you is that in these posts, Beijing sees quote, "little downside in exploring", according to the translation contact with with the United States. So, it's being taken as a positive sign, but the larger context here is that both China and both Beijing and Washington seem are making the case that the other side is what needs a deal more. You know, there was a manufacturing slowdown in China. There's the GDP numbers, um, here in the United States are are are both evidence from either side that the other one needs to come to the table first. And so, it's the question is, is who's going to blink there? I would note that these posts sort of a reality check in these posts is that some of that language is in those posts. One one line in there is that um, that that China has no need to talk to the US, again, according to the translations of these posts. So, so there is a there is a standoff here, but it could be a kind of a smoke signal of sorts on that. The latest from the White House here is is that they want to have a deal with China, as you saw in that Trump post, but it's going to be a long process. Um, Stephen Miller, the deputy chief of staff, was asked about the endgame for China, and he's talked about how they're still developing a plan there. So, it's clearly a long ways away. And as Secretary Scott Besson says, "it's a multi-step process that they're going to go for". So, there's some signs here, but but it's still going to be a process ahead.
And talk to me, Ben, about the one-month anniversary of President Trump's so-called liberation day coming up tomorrow. Where are we at in terms of the last month and the path forward? I mean, it's fascinating the NASDAQ 100 is actually up about 1.5% in that time period.
For sure. Yeah, I wrote about this this morning, a sort of month in review of April. It was, as you mentioned, was a month ago liberation day, and then April 5th was when these 10% tariffs on the world went in, which is I don't want to downplay. It's a historic move that that that that have had far-reaching consequences. But in that, since that April 5th time, I've counted five significant concessions from Trump. Everything from reciprocal tariffs to technology tariffs, to auto tariffs, to rhetorical shifts on companies, as well as China. So, it's it's been kind of a month, at least since April 5th, of of of a pretty significant blinks from the Trump administration in response to the market. And I think that's what to sort of think about for investors going forward is that Trump clearly has shown in the last month that he's listening to markets, especially bond markets I would note, and that that is the question is sort of how much that continues in the context of things like these China talks.
All right, Ben. Thank you.
Thanks so much.
