Officials in Beijing said they want the Trump administration to “show sincerity,” as it evaluates efforts by the U.S. to start trade negotiations.

The standoff over terms of negotiations, and whether they are happening, signals that a protracted economic fight lies ahead.

Japan has no plans to threaten to sell its $1 trillion-plus holdings of U.S. Treasuries in trade talks with Washington, its finance minister said on Sunday, clarifying earlier remarks that the bond holdings could be used as a bargaining chip.