The United States has initiated contact with China to discuss potential trade negotiations, according to multiple sources. China's Ministry of Commerce has acknowledged these overtures and stated that it is currently evaluating the possibility of engaging in talks. Beijing has emphasized that any dialogue would require the U.S. to demonstrate sincerity by correcting its unilateral tariff practices and removing the levies imposed on Chinese goods. China's response comes amidst ongoing tensions fueled by U.S. tariffs reaching up to 145% on many Chinese products, with Beijing retaliating with tariffs of 125% on U.S. imports. Despite the punitive measures, there is a temporary reprieve for high-end technology products such as smartphones and semiconductors from the U.S. tariffs. The prospect of renewed trade talks has positively impacted global markets, with Brent crude rising by 0.84% to $62.32 per barrel and West Texas Intermediate (WTI) increasing by 0.86% to $59.25 per barrel. Stock futures also saw gains, with the S&P 500 attempting its ninth consecutive positive session. The Nikkei in Japan rose by about 0.6%, while Hong Kong's Hang Seng Index increased by more than 1%. These developments come as the U.S. economy contracted in the first quarter and China's factory activity shrank in April, highlighting the economic pressures both nations face.