Trump Denies Tariff Talks with Xi, S&P 500 Rises 0.77% to 7,501 Amid Uncertainty

President Trump revealed no tariff discussions occurred with Xi Jinping during their summit, maintaining U.S.-China trade policy uncertainty despite Bessent's report of Trump urging China to open markets. The saga began with a May 5 USTR Section 301 probe into excess capacity across 16 partners with 150 witnesses, a May 7 trade court 2-1 ruling striking down Feb. 24's 10% global tariffs (citing $1.2T goods deficit), a May 12 appeals stay preserving duties until July 24, and a May 11 bipartisan House bill toughening Chinese vehicle bans. S&P 500 posts modest gains from mixed signals boosting producers but pressuring supply chains.