Trump started hiking tariffs on Chinese goods shortly after his return to the White House. China ultimately responded with tariffs of its own. Tensions escalated, with tariff rates hitting the triple digits, before a trade truce in May.

"We're moving along with China. We're doing fine with China," Trump told reporters at the White House. "I think it's going to work out very well. We're right in step. I think we're going to have a very fair deal with China."

After a “constructive” round of talks ahead of an Aug. 12 deadline, Treasury Secretary Scott Bessent said, “Nothing is agreed until we speak with President Trump.”