Trump has held up tariffs as a negotiating tool with China and claimed talks are ongoing, but Beijing says so far there have not been any negotiations.

The Treasury secretary said that the President Trump and Xi Jinping of China have a good relationship but that he was not aware of a call, which Mr. Trump had alluded to last week.

China’s role in global trade has shifted significantly. In recent years, on a regional basis, Southeast Asia has surpassed it to become the largest trading partner. This shift has implications for China’s economic strategies and its international relationships,