China's leaders are downplaying the potential impact from U.S. President Donald Trump's trade war, saying they have the capacity to protect jobs and limit damage from higher tariffs on Chinese exports.

President Donald Trump’s tariff onslaught has roiled Washington and Wall Street for nearly a month. If the trade war persists, the next upheaval will hit much closer to home.

Imports of crude oil into China surged in March and have continued to accelerate in April, according to analysts, as the country replenishes stocks despite expectations a weaker global economy will reduce demand.

Chinese leader Xi Jinping has not spoken to US President Donald Trump on the phone recently, Beijing said Monday, reiterating that no talks are taking place between the two countries to resolve their tariff war.

China's foreign ministry said on Monday the presidents of China the United States "didn't have a call recently," when asked about Donald Trump saying in an interview with Time magazine that Xi Jinping has called him.

The Treasury secretary said that the President Trump and Xi Jinping of China have a good relationship but that he was not aware of a call, which Mr. Trump had alluded to last week.

Speaking before the Institute of International Finance, Treasury Secretary Scott Bessent leveled criticism of the World Bank and International Monetary Fund, urging them to go "back to basics" in their focus as financial institutions, but also offered support, stressing the United States' desire to continue its leadership role.