On Friday, May 2, the Chinese Ministry of Commerce unexpectedly indicated that it is “assessing” the possibility of negotiations with the United States on tariff issues, causing global stock markets and commodity markets to surge. The rare release of a “conciliatory signal” by China may suggest that Chinese export momentum is weakening, internal pressures are rising, and Beijing is finding it difficult to continue to confront the situation.
This change in tone from China at this particular time has garnered significant attention. Earlier this week, the Chinese Ministry of Foreign Affairs had been emphasizing a stance of “struggle for cooperation” with the release of the video “Not Kneeling”; however, it is now saying “if talks are needed, we are open.” This shift is seen as China’s passive turn under internal economic constraints, potentially providing a way out for the upcoming negotiations.
The United States currently maintains that no substantive negotiations have been initiated with China. President Trump has emphasized that if China does not make significant concessions, the U.S. will not lift tariffs on China.
On Friday, the Chinese Ministry of Commerce responded publicly through its official website in a “press conference Q&A” format, acknowledging the possibility of negotiations with the U.S. on tariff issues. A spokesperson for the Chinese Ministry of Commerce stated that China has taken note of the U.S. repeatedly expressing hope for discussions on tariff issues and is currently “evaluating” the situation.
This marks the first official response from China in recent months regarding the U.S.’s willingness to engage. While Beijing claims that its position “remains unchanged,” it notably mentioned, “If talks are needed, we are open,” and emphasized that the premise for negotiations should be the U.S. showing “sincerity” and “correcting wrong practices.”
Observers believe that this softened language indicates Beijing’s efforts to pave the way for restarting dialogue amid sustained economic and trade pressures.
Following China’s signal for negotiations, global markets swiftly responded, indicating a general belief that Beijing’s willingness to make concessions could help alleviate the uncertainties caused by the U.S.-China trade war.
The Hang Seng Index in Hong Kong rose by 1.70%. The Taiwan Weighted Index surged by 2.73%, marking its fifth consecutive trading day of gains. The Nikkei 225 in Japan rose by 1.04%, and the KOSPI in South Korea edged up by 0.12%. The S&P/ASX 200 in Australia also climbed by 1.13%, reaching a new high since February 27.
In the commodities market, Brent crude oil futures increased by 42 cents, a rise of 0.7%, to $62.55 per barrel. West Texas Intermediate crude rose by 43 cents to $59.67.
Copper prices on the London Metal Exchange (LME) rose for the second consecutive day, surpassing the $9,200 per ton mark, while Singapore iron ore futures also increased by 0.42% to $96.60 per ton.
Currency markets also experienced significant fluctuations. The offshore Chinese yuan against the U.S. dollar appreciated by 0.25% to 7.2686, reaching its highest level since April 4; the Taiwan dollar rose by 2.5% to 31.305, and the South Korean won strengthened by 0.97% to 1,421.22.
Upon returning to the White House, President Trump has explicitly made “reciprocal tariffs” and “fair trade” as core strategies, implementing more substantial economic countermeasures against China.
Several economic indicators recently signal increasing internal and external pressures on Beijing. According to official Chinese data, the Purchasing Managers’ Index (PMI) for the manufacturing sector in April showed a significant decline, with diminishing export orders and declining business confidence. Port throughput has decreased, and demand for freight along the trans-Pacific routes has sharply contracted.
Meanwhile, Beijing has quietly exempted punitive tariffs on certain U.S. goods, including ethane, some semiconductor equipment, and medical devices.
Analysts believe that China’s current shift is not only to create a conducive atmosphere for external negotiations but also reflects significant challenges faced by its export-oriented economy. Without seeking solutions to these challenges, it may struggle to maintain its current policy framework.
Although China has conveyed a negotiation signal, the U.S. remains firm in its stance. President Trump recently stated in an interview that unless substantial concessions are made by China, there will be no consideration for lifting the hefty 145% tariffs on Chinese goods.
He emphasized that the U.S.’s core goal is to achieve “fair trade.”
U.S. Trade Representative Jamieson Greer recently stated in an interview that since Trump’s inauguration in January, the U.S. and China have “yet to engage in any substantive negotiations.”
This week, U.S. Treasury Secretary Scott Bessent stated in an interview with Fox News that the U.S. has “set China aside” and is prioritizing negotiations with the other 17 major trading partners to expedite talks.
“We have 18 significant trading partners. We have set China aside. The other 17 are not in escalating conflict, we are engaging with them, and there is clear progress,” he said.
Bessent reiterated that these 17 countries have all been “proactively approaching us.”
“We are handling them individually,” he added. “In fact, 100 countries have shown willingness to negotiate with us, and we are actively pushing negotiations with the first 17 partners.”
Bessent pointed out that Trump’s global tariff policy announced on April 2 provides the U.S. with “maximum flexibility and maximum negotiating pressure,” compelling countries to come back to the negotiating table with sincere proposals, except for China, which has made no substantive progress so far.
This indicates that without specific adjustments from Beijing, the U.S. is evidently not rushing to make concessions and has already begun engaging in trade talks with countries such as Japan, South Korea, and India to reshape the Asian supply chain structure.