The outlook of an all-out trade war between the U.S. and China remains a central question for the global economy, but the two sides appear to disagree even about whether talks have begun. President Donald Trump late Wednesday said the world’s two largest economies are “actively” discussing trade issues.

China has called on the US to cancel its sweeping tariffs on Chinese goods entering the country as a sign that the President Donald Trump is serious about resolving the trade war between the two countries. A Chinese official said there had been no trade talks with the US, despite suggestions otherwise from the Trump administration.

U.S. Treasury Secretary Scott Bessent said on Wednesday that he believes that excessively high tariffs between the U.S. and China will have to come down before trade negotiations can proceed but said President Donald Trump would not unilaterally cut tariffs on Chinese imports.