China is not negotiating with the Trump administration over tariffs, Beijing declared, despite the White House saying it was "setting the stage" for a deal.

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 comments come after President Trump said Tuesday that the final tariff rate on China’s exports would come down “substantially” from the current 145 percent.

Gold prices fell more than 2% on Wednesday as U.S. President Donald Trump backed down from threats to dismiss Federal Reserve Chair Jerome Powell and expressed optimism for a trade deal with top metals consumer China,

President Donald Trump said he had “no intention” of firing Federal Reserve Chair Jerome H. Powell in remarks from the Oval Office late Tuesday.