Levies on certain U.S.-made microchips have been dropped, importers say. Meanwhile, China denied President Trump’s claims that talks to reduce tariffs are happening.

China has exempted some U.S. imports from its 125% tariffs and is asking firms to identify critical goods they need levy-free, according to businesses notified, in the clearest sign yet of Beijing's concerns about the trade war's economic fallout.

China exempts select U.S. imports from tariffs, signaling steps towards alleviating trade war tensions and boosting the economy.