Tensions between U.S. and China have flared up after a hiatus following a meeting between Treasury Secretary Scott Bessent and his Chinese counterpart in Geneva.

China on Monday accused the United States of breaching the 90-day trade truce agreed by the world’s two largest economies, after President Donald Trump said it was Beijing that had “totally violated” the agreement.

President Donald Trump and Chinese President Xi Jinping will speak soon to iron out trade issues including a dispute over critical minerals.

China accused the U.S. of violating an agreement made at their tariff-cutting discussions in Geneva in May, and said it will take further action as the trade dispute between the world's two largest economies blows open again.

China said on Monday that U.S. President Donald Trump's accusations that Beijing had violated the consensus reached in Geneva trade talks were "groundless", and promised to take forceful measures to safeguard its interests.

The Chinese Commerce Ministry said Washington had “seriously undermined” a consensus reached last month.

The so-called TACO trade will be tested as markets wait to see if Trump will actually follow through with his 50% steel duty or if he will put it on hold soon.

President Donald Trump put Russian President Vladimir Putin on notice, and issued some harsh words to China and their ongoing trade negotiations during his 19th week in office.

Retailers like Macy's and Target are reducing reliance on China amid Trump's trade war, restructuring supply chains to mitigate tariff impacts and potential price hikes.