The backdrop to Xi’s statement is the ongoing trade standoff with the United States, which escalated earlier this month when U.S. President Donald Trump announced a fresh round of tariffs on Chinese imports. Though Trump recently said those tariffs “won’t be anywhere near 145%, ” tensions remain high.

Japan had long maintained deep economic ties with both China and the United States. Recent trade tensions may challenge that approach.

U.S. Treasury Secretary Scott Bessent said on Tuesday that he believes there will be a de-escalation in U.S.-China trade tensions, but negotiations with Beijing have not yet started and would be a "slog,

US President Donald Trump signalled on Tuesday that he was not looking to "play hardball" in the ongoing trade dispute with China. "We're going to be very nice. They're going to be very nice, and we'll see what happens,