After a trade war during the first Trump administration, China had been preparing for another in a second term and has not moved to rush into negotiations after being hit with tariffs.

China called for all "unilateral" U.S. tariffs to be cancelled on Thursday, as signs emerged that the Trump administration may de-escalate its trade war with Beijing. China also clarified it has not held trade talks with Washington despite repeated comments from the U.

China's central bank governor on Friday criticized the U.S. for threatening global financial stability with its "recent abuse" of tariffs, in the wake of recent moves seen by both sides as efforts to de-escalate their trade war.

China imposed 125% tariffs on all U.S. imports earlier this month in a tit-for-tat response to the Trump administration’s “reciprocal” tariffs against China.

An American business group said that Chinese officials had been surveying companies about American products that are crucial to their supply chains.