Beijing is "evaluating" an offer from Washington to hold talks over U.S. President Donald Trump's crippling tariffs, China's Commerce Ministry said on Friday, signalling a potential de-escalation in the trade war that has roiled global markets.

Beijing on Friday confirmed that the Trump administration had reached out to China for talks on tariffs, adding that it is “currently assessing the situation.” The US has “recently reached out through relevant channels multiple times, expressing a desire to engage in talks with China over tariff issues,” the Commerce Ministry said in a statement.

Beijing-backed social media accounts say U.S. officials have reached out to Chinese counterparts through multiple channels to discuss trade, as the world watches for any sign of tariff talks between the two sides.