Treasury Secretary Steven Mnuchin on Friday said that there are no further trade talks planned between the U.S. and China “as of now.”
Mnuchin’s comments came shortly after President Donald Trump wrote in a post on Twitter that talks will continue and that his relationship with Chinese President Xi Jinping remained strong, sending stocks to session highs.
American and Chinese officials spent the day in negotiations that Mnuchin characterized as “constructive.” The next round of talks is expected to take place in Beijing, according to Chinese state media.
Markets rebounded Friday after deep early losses that were fueled in part by a tweet from the president saying there was “absolutely no rush” on reaching an agreement with China.
That post came hours after new tariff rates his administration applied to $200 billion in Chinese goods officially went into effect.
Following Friday’s negotiations, Trump wrote that those tariffs “may or may not be removed depending on what happens with respect to future negotiations!”