The stock slump came as China refuted President Trump’s claim from last week that the nation had “totally violated” a temporary truce reached in Geneva, Switzerland last month to lower tariff

President Trump said that Beijing was not honoring the terms of a temporary agreement and warned of further confrontation.

Barely a week after a high-profile joint statement signaled a pause in trade hostilities, the U.S. and China are disagreeing again.

National Economic Council director Kevin Hassett suggested on Sunday that President Donald Trump and China’s President Xi Jinping could have a conversation about trade as soon as this week. Hassett said,

Most analysis missed the role of Switzerland as host in the China-U.S. trade talks, but its quiet mediation should serve as a role model for other states.

On the 75th anniversary of their diplomatic ties, China and Switzerland are doubling down on innovation as the driving force behind deeper cooperation, it was underscored at a recent economic summit in Shanghai.

U.S.-China trade talks are “a bit stalled,” requiring the two countries’ leaders to speak directly, Treasury Secretary Scott Bessent told Fox News.