In an interview conducted on April 22 with Time magazine and published Friday, Trump did not say when the call with the Chinese leader took place or specify what was discussed.
"He's called," Trump said. "And I don't think that's a sign of weakness on his behalf."
China's commerce ministry had already denied on Thursday that Beijing and Washington were conducting economic or trade negotiations.
In a statement posted on WeChat Saturday, Beijing's embassy in the US capital repeated that assertion, saying "there have been no consultations or negotiations between China and the United States on tariff issues, let alone any agreement".
The statement did not mention Trump or Xi by name or directly reference Trump's claim of a call, but said remarks by the United States that a dialogue on tariffs was ongoing were "nothing but misleading".
"This trade war was initiated by the US side," the statement said.
"If the US truly wants to resolve the issue through dialogue, it must first correct its mistakes, stop threatening and pressuring others, and completely remove all unilateral tariff measures against China."
The world's two biggest economies are locked in an escalating tit-for-tat trade battle triggered by Trump's levies on Chinese goods, which have reached 145 percent on many products.
Trump suggested he will announce deals with US trading partners in the next few weeks.
"There's a number at which they will feel comfortable," Trump told Time, referring to China. "But you can't let them make a trillion dollars on us."
China's top leaders pledge economic support as trade war rages
Beijing (AFP) April 25, 2025 -
China's top leaders pledged on Friday to step up support for the economy and oppose "unilateral bullying" in global trade in a veiled rebuke of hefty tariffs imposed by US President Donald Trump.
The world's two largest economies are engaged in a high-stakes trade war that has spooked markets and spurred major manufacturers to reconsider supply chains.
Leaders at a gathering of the Chinese Communist Party's top decision-making body focused on economic work, which was attended by President Xi Jinping, acknowledged that "the impact of external shocks is increasing", state news agency Xinhua reported.
They also said they would seek to "work with the international community to actively uphold multilateralism and oppose unilateral bullying practices", it said.
The brutal trade war comes as China's economy strains under the weight of longstanding woes in the property sector and reluctance by consumers to pull out their wallets.
Leaders at the Politburo meeting discussed a range of domestic economic issues, emphasising the need to "enhance the role of consumption in stimulating economic growth", according to Xinhua.
They also called for action to increase incomes and "vigorously develop service consumption", as well as the implementation of key rate cuts at "appropriate times".
The readout of the meeting "shows the government is ready to launch new policies when the economy is affected by the external shock", Zhiwei Zhang, President and Chief Economist of Pinpoint Asset Management, wrote in a note.
However, Zhang noted "it seems Beijing is not in a rush to launch a large stimulus at this stage".
"It takes time to monitor and evaluate the timing and the size of the trade shock," he added.
Experts say the Chinese economy will need to depend more on domestic consumption in order to sustain growth through coming years.
Beijing is targeting annual growth this year of five percent, although economists consider that goal to be ambitious.
- 'Extreme scenario' -
China achieved record exports last year, providing a key source of economic activity as domestic challenges in the property sector and deflationary pressure persisted.
But the global trading system is now under great pressure, with Trump having hit most trading partners with 10 percent tariffs since reclaiming office in January.
China has received the worst of Trump's trade blitz, with many of its products now facing a 145 percent tariff. Beijing has responded with new 125 percent tariffs of its own on US goods.
There have been competing claims in recent days about potential trade talks that could see an easing of the sky-high tariffs that have unleashed chaos on the global economy.
A spokesman for Beijing's commerce ministry said on Thursday that "there are currently no economic and trade negotiations between China and the United States".
But hours later, asked about the state of negotiations with Beijing, Trump maintained: "We've been meeting with China."
Chinese financial news outlet Caijing reported on Friday that Beijing was considering the exemption of certain US semiconductor products from recent additional tariffs, citing sources familiar with the matter.
Beijing's commerce ministry did not immediately respond to an AFP request to confirm the reports.
China also said on Friday it was necessary to enhance "extreme scenario thinking" as the trade war deepens.
"It is essential to... enhance both bottom-line thinking and extreme scenario thinking, with a strong focus on preventing and defusing trade risks," a commerce ministry statement said.
The Politburo meeting's emphasis on innovation shows that China is preparing for a "deepening decoupling with the United States", Yue Su, Principal Economist at the Economist Intelligence Unit, told AFP.
The tone of the meeting "reflects growing concern over downside risks, as the government appears increasingly willing to factor potential negative shocks into its policy planning", Su said.
China's export-driven economy harms 'entire world:' US Treasury chief
Washington (AFP) April 23, 2025 -
Beijing's export-reliant economic model is "unsustainable" and harms both China and the rest of the world, US Treasury Secretary Scott Bessent said Wednesday as the world's two biggest economies clash on trade.
"It's an unsustainable model that is not only harming China but the entire world," Bessent said in a Washington speech, stressing concerns around trade imbalances that US President Donald Trump says he hopes to address through sweeping tariffs.
But Bessent maintained that "America First does not mean America alone."
He insisted that the Trump administration's moves are a call for "deeper collaboration and mutual respect among trade partners," while taking aim at "intentional policy choices" by other countries that have hollowed out US manufacturing and put its security "at risk."
"This status quo of large and persistent imbalances is not sustainable," Bessent said. "It is not sustainable for the United States, and ultimately, it is not sustainable for other economies."
In the same speech at an Institute of International Finance forum on the sidelines of the IMF and World Bank's spring meetings, Bessent also said both institutions need to be made "fit for purpose" again.
He argued the International Monetary Fund and World Bank have strayed from their initial missions.
The IMF "has no obligation to lend to countries that fail to implement reforms," Bessent said.
"Economic stability and growth should be the markers of the IMF's success -- not how much money the institution lends out."
He added that the World Bank should also "no longer expect blank checks for vapid, buzzword-centric marketing accompanied by half-hearted commitments to reform."
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