US and China debate about economic issues as rumours of a tariff rollback circulate.

In the midst of growing rumours that some tariffs put in place under the Trump administration may be reduced to reduce inflation and spur growth,

the United States and China held talks on the enormous problems facing the global economy on Monday.

The senior economic official in Beijing, Vice Premier Liu He of China, and US Treasury Secretary Janet Yellen spoke over the phone for a "substantive talk," the US Treasury said in a statement.

The conversations, which were characterised as "candid," were initiated by the United States, 

 According to readouts from both parties, and they took place at a time when Bloomberg and The Wall Street Journal are reporting that the Biden administration may soon remove certain tariffs on Chinese goods.

The exchange was described as "constructive" and "pragmatic" in the Chinese readout.

 The two sides also discussed their "views on the macroeconomic environment and the stability of the global industrial chain and supply chain," it was further said.

Both parties agreed that the world economy is facing significant difficulties

and placed "great significance" on improved policy cooperation between China and the United States, it was noted.