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.

Trump and Treasury Secretary Scott Bessent have been making vaguely conciliatory comments about the administration’s approach to China. The former said this week that his tariffs will eventually “come down substantially” and that he won’t play hardball with Beijing.