BEIJING — China on Thursday said that there were no ongoing discussions with the U.S. on tariffs, despite indications from the White House this week that there would be some easing in tensions with Beijing.

“At present there are absolutely no negotiations on the economy and trade between China and the U.S.,” Ministry of Commerce Spokesperson He Yadong told reporters in Mandarin, translated by CNBC. He added that “all sayings” regarding progress on bilateral talks should be dismissed.

“If the U.S. really wants to resolve the problem … it should cancel all the unilateral measures on China,” He said.

U.S. President Donald Trump and Treasury Secretary Scott Bessent this week indicated that there might be an easing in tensions with China. The White House earlier this month added 145% tariffs on Chinese goods, to which Beijing responded with duties of its own and increased restrictions on critical minerals exports to the U.S.

The commerce ministry’s comments echoed those of Chinese Foreign Ministry Spokesperson Guo Jiakun, who said on Thursday afternoon that there were no ongoing talks, according to state media.

Both spokespersons held to the official line that China would be willing to talk to the U.S. subject to Beijing being treated as an equal.

“China definitely wants to see the trade war deescalate, as it hurts both economies,” said Yue Su principal economist, China, at The Economist Intelligence Institute. “However, due to the inconsistency of Trump’s policies and the lack of clarity around what he actually wants, China’s strategy has shifted from focusing on ‘what you need’ to ‘what I need.’ Their request for the U.S. to cancel ‘unilateral’ tariffs reflects that shift.”

China earlier this week threatened countermeasures against countries that might make deals with the U.S. at the expense of Beijing’s interests.

“We also need to recognize that this is a ‘whatever it takes’ moment for China in terms of U.S.-China relations,” Su said. “I wouldn’t be surprised if China adopts a more hawkish stance if the U.S. continues to escalate tensions.”

Several Wall Street banks have cut their China GDP outlook in the last few weeks in light of the tariffs and escalating tensions with the U.S.

The Commerce Ministry on Thursday emphasized government and business efforts to help companies sell goods meant for exports to the Chinese market instead.

The U.S. is China’s largest trading partner on a single-country basis. But in the last several years, Southeast Asia has surpassed the European Union to become China’s largest trading partner on a regional basis.

LONDON — British fintech firm Revolut on Thursday announced it topped $1 billion in annual profit for the first time, a major milestone for the company on the road to an eventual initial public offering.

Revolut, which offers a range of banking and financial services via an app, said that net profit for the year ending Dec. 31, 2024, totaled £1.1 billion ($1.5 billion), up 149% year over year. Revenues at the company increased 72% year on year to £3.1 billion, driven by growth across different revenue streams.

Revolut’s wealth unit — which includes its stock-trading business — saw outsized growth, with revenue surging 298% to £506 million, while subscriptions turnover jumped 74% to £423 million.

Revolut also saw significant growth in its loan book, which grew 86% to £979 million. Coupled with a jump in customer deposits, this contributed to a 58% increase in interest income, which totaled £790 million.

The restricted license means that Revolut is now in the “mobilization” stage, where it is focusing on building out its banking operations and infrastructure in the run-up to a full launch. The period typically lasts about 12 months.

Francesca Carlesi, Revolut’s U.K. CEO, told the Wall Street Journal last month that it views its journey to becoming a fully authorized U.K. bank as a crucial step in its global expansion and eventual IPO. “My main strategic focus is making Revolut the primary bank for everybody in the U.K.,” she told the WSJ.

Revolut is still awaiting approval from regulators to transfer all of its U.K. users to a new banking entity this summer. Once fully up and running, the firm will be able to begin offering loans, overdrafts and mortgages, opening up the path to new income streams.

It has a steep hill to climb — rivals Monzo and Starling have had a lengthy head start on Revolut. Monzo obtained its full banking license in 2017, while Starling was granted its own permit in 2016.