President Donald Trump said Friday he has not agreed to roll back tariffs on Chinese imports, dampening recent optimism for a major de-escalation in the US-China trade war.
Amid a steady stream of conflicting reports, Trump's remarks appeared to push back against Beijing's claims that the two sides had agreed to remove tariffs in stages as part of a partial deal announced last month.
Hopes for progress in defusing trade tensions have driven global stocks higher this month, since an agreement would remove a major source of uncertainty in the world economy that is undercutting growth.
But Trump again portrayed the dispute as a boon for the United States despite the tariffs paid by American companies and consumers.
"They would like to have a rollback. I haven't agreed to anything," Trump told reporters at the White House.
"China would like to get somewhat of a rollback, not a complete rollback, because they know I won't do it."
Commerce Ministry spokesman Gao Feng announced Thursday that negotiators "agreed to roll back the additional tariffs in stages, as progress is made towards a (final) agreement."
"What is on the table is tariffs coming in December, December 15," Peter Navarro told NPR radio. "We would be willing I think -- it's up to the president -- to postpone those tariffs."
"But not roll back any existing tariffs. That's the fine distinction here."
White House economic aide Larry Kudlow was less categorical, telling Bloomberg on Thursday that if the sides reach a phase one trade deal, "there are going to be tariff agreements and concessions."
"On the economic side, phase 1 is not a big win for the US no matter what. If we roll back tariffs, it's a big win for China."