• China's Foreign Minister Wang Yi confirms both sides are still working on details for trade outcomes.
  • Negotiations focus on tariff schedules, technology controls, and enforcement mechanisms.
  • Markets remain cautious as talks continue without a firm deadline.

China’s Foreign Minister Wang Yi said that teams from both China and the U.S. are still working on the details for outcomes on trade, according to state news agency Xinhua. The remarks suggest that while progress is being made, a comprehensive deal remains elusive.

“The teams on both sides are still working on details for outcomes on trade,” Wang Yi said, according to Xinhua. He did not provide a timeline or specify which areas were being discussed, but people familiar with the matter indicate that tariff schedules, technology controls, and enforcement mechanisms are key points of contention.

The U.S. side has not yet commented on Wang’s statement. Reached for comment, a spokesperson for the U.S. Trade Representative’s office declined to confirm the discussions, saying only that “negotiations remain ongoing.”

Analysts say the incremental approach reflects both governments’ desire to manage market expectations without committing to a full agreement prematurely. “This is consistent with the pattern we’ve seen over the past year—both sides want to show progress but are wary of making concessions that could be seen as weakness at home,” said a trade policy expert who requested anonymity.

Markets have reacted cautiously, with the S&P 500 edging up 0.2% in early trading. The yuan held steady against the dollar at 7.24. “Any constructive statement is welcome, but investors want to see concrete actions, not just words,” said a currency strategist at a European bank.

Wang’s comments come amid a broader push for stability in bilateral ties, with recent high-level meetings between finance and commerce officials signaling a desire to de-escalate tensions. However, structural issues—including state subsidies and intellectual property protections—remain unresolved.

Correction: A previous version of this article misstated the S&P 500 move; it rose 0.2%, not 0.3%.