President Donald Trump, whose trade war with China has rattled financial markets and threatened to disrupt huge swaths of trade, suggested Friday that he had been in touch with Xi Jinping, China’s president, even as Chinese officials insisted that no negotiations were occurring.

In an interview with Time on Tuesday, Trump said Xi had called him, though he declined to say when, and asserted that his team was in active talks with China on a trade deal. Asked about the interview outside the White House on Friday morning, the president reiterated that he had spoken with the Chinese president “numerous times,” but he refused to answer when pressed on whether any call had happened after he imposed tariffs this month.

Trump’s comments appeared aimed at creating the impression of progress with China to soothe jittery financial markets, which have fallen amid signs that the world’s largest economies are in a standoff. The S&P 500 is down 10% since Trump’s Jan. 20 inauguration.

But the president’s claims of talks have been rejected by Chinese officials, who have repeatedly denied this week that they are actively negotiating with the United States.

“China and the U.S. have not held consultations or negotiations on the issue of tariffs,” Guo Jiakun, the spokesperson for China’s Foreign Ministry, said in a news conference Friday. “The United States should not confuse the public.”

Chinese officials have repeatedly said the United States should stop threatening China and engage in dialogue on the basis of equality and respect. On Thursday, He Yadong, a spokesperson for China’s Commerce Ministry, said there were “no economic and trade negotiations between China and the United States.”

“Any claims about progress in China-U.S. economic and trade negotiations are baseless rumors without factual evidence,” he said.

Trump ratcheted up tariffs on Chinese imports to a minimum of 145% this month, in a bid to force China into trade negotiations. But Chinese officials responded by issuing their own tariffs on American products and clamping down on exports to the United States of minerals and magnets that are necessary for many industries, including the defense sector.

The Chinese also appear to have ignored Trump’s suggestions that the best way to resolve the issue would be for Xi to get in touch with him directly. With the two governments at an impasse, businesses that rely on sourcing products from China — varying from hardware stores to toymakers — have been thrown into turmoil. The triple-digit tariff rates have forced many to halt shipments entirely.

Trump officials have admitted that the status quo with China on trade is not sustainable, and some have considered paring back levies on the country. But the White House insists it will not do that unless a deal is reached for China to do the same.

Asked in the Time interview if he would call Xi if the Chinese leader did not call first, Trump said no.

“We’re meeting with China,” he said. “We’re doing fine with everybody.”

Trump also said, without evidence, that he had “made 200 deals.” He claimed that he would finish and announce them in the next three to four weeks.