China appears to have quietly rolled back retaliatory tariffs of 125% on some semiconductors made in the US, according to details provided to CNN on Friday by three import agencies in the southern technology hub of Shenzhen,

Levies on certain U.S.-made microchips have been dropped, importers say. Meanwhile, China has denied President Trump’s claims that talks to reduce tariffs are happening.

China has exempted some U.S. imports from its 125% tariffs and is asking firms to identify critical goods they need levy-free, according to businesses notified, in the clearest sign yet of Beijing's concerns about the trade war's economic fallout.