A ministry statement reiterated China’s stance that is open to talks, but also that Beijing is determined to fight if it must. It said one-sided tariffs of up to 145% remain an obstacle, undermining trust.

“The tariff and trade wars were unilaterally initiated by the U.S., if the U.S. side wants to talk, it should show its sincerity, and be ready to take action on issues such as correcting wrong practices and canceling the unilateral imposition of tariffs,” it said.

An unnamed ministry spokesperson was cited as saying that Beijing had taken note of various statements by senior U.S. officials indicating a willingness to negotiate over tariffs.

“At the same time, the U.S. has recently taken the initiative to convey information to the Chinese side on a number of occasions through relevant parties, hoping to talk with the Chinese side. In this regard, the Chinese side is making an assessment,” it said.

But it emphasized that China would regard overtures without a change in President Donald Trump’s sharp tariff hikes as insincere.

“Saying one thing but doing another, or even attempting to engage in coercion and blackmail under the guise of talks, will not work on the Chinese side,” it said.

China is in the midst of a public holiday, with government offices and markets closed. But share prices in Hong Kong jumped 1.7% early Friday, while Taiwan’s benchmark index was up 2.2%. U.S. futures also advanced.

As of Friday, the Trump administration is ending a duty-free exemption on low-value imports from China. That will mean higher prices and delivery delays when the government starts collecting tariffs on every single shipment.

Beijing has responded to Trump’s tariff hikes by raising its own duties on imports of U.S. products to as high as 125%. It has also tightened restrictions on exports to the U.S. of certain strategically important minerals and stopped importing a wide range of U.S. farm products.

At the same time, China has sought to join with other countries to build a united front against Trump, while ramping up its own countermeasures to the impact of Trump’s tariffs.

Trump has slapped a global 10% import tax, or tariff, to try to compel manufacturers to shift factories back to the U.S. He ordered double-digit “reciprocal” tariffs for many countries but then postponed their implementation for 90 days to allow time for negotiations. He has also hit foreign steel, aluminum and autos.

The toughest measures were reserved for China, the world’s biggest exporter and second largest economy.

His announcements of higher tariffs, suspensions, and then more tariffs have left companies, investors and consumers stymied over what comes next, hitting consumer confidence.

Treasury Secretary Scott Bessent, who is leading the administration’s approach to China, has said he expects Beijing to call because the tariffs are not sustainable.

In an interview Thursday with Fox Business, Bessent said the main issue with Beijing was not high tariffs but other barriers.

“There’s a whole range of bad behavior by the Chinese,” Bessent said, mentioning theft of intellectual property like trademarks and cyberhacking.”

“So, everything is on the table for the economic relationship,” he said, adding ”I am confident that the Chinese will want to reach a deal.”

Beijing has shown scant willingness to compromise, however, with its foreign ministry posting a strident video on social media this week saying the U.S. has “stirred up a global tariff storm.”

It vowed China would not “kneel down” in the trade war.

“Kneeling only invites more bullying,” it said.