Beijing continues to be willing to endure economic hardship to put pressure on the U.S., even as the Trump administration hints at a more conciliatory approach.

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.

President Donald Trump asserted on Thursday that trade talks between the U.S. and China are underway, pushing back against Chinese claims that no discussions have taken place to ease the ongoing trade war.