Photo: Nicholas Kamm/AFP/Getty Images

President Trump said on the sidelines of the G7 summit in Biarritz, France, Monday that China has contacted his administration to request for trade talks to resume.

Why it matters: It's a remarkable turnaround, considering how much the long-running trade war has escalated in recent days. Trump made the comments just after global stock markets reeled and China’s yuan currency fell to a fresh 11-year low over the situation, Reuters notes.

Catch up quick: Trump said Friday he would raise tariffs against China, hours after the Chinese government announced it would levy retaliatory duties on earlier U.S. action.

  • White House press secretary Stephanie Grisham clarified Sunday that when Trump told reporters that he "might as well" have "second thoughts" about escalating the trade war, he meant he "regrets not raising the tariffs higher."
  • Trump told reporters that he had "no plans right now" to follow through on his emergency declaration threat to force U.S. companies to leave China but added, "If I want, I could declare a national emergency.
  • China declared just 2 days ago it would continue fighting the trade war "until the end."

What they're saying: Reuters reported earlier Monday that China's economy czar, Vice Premier Liu He, said at a tech conference in southwest Chongqing that the Chinese government was "willing to resolve the issue through consultations and cooperation in a calm attitude and resolutely oppose the escalation of the trade war."

"We believe that the escalation of the trade war is not beneficial for China, the United States, nor to the interests of the people of the world."
— Liu He comments, translated by Reuters

Editor's note: This article has been updated with new details throughout.

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