Donald Trump Jr. told a business forum in Budapest that Hungary and the region should pick the US over China as its economic partner, according to the Portfolio news website.

China exempted some U.S. imports from its steep tariffs in a sign on Friday that the trade war between the world's top two economies could be easing, though Beijing quickly knocked down U.S. President Donald Trump's assertion that negotiations were under way.

President Trump said that “we’re meeting with China” on tariffs, comments aimed at soothing jittery financial markets. But Chinese officials say no talks have taken place.