() There is now another wave of uncertainty about tariffs after China denied President Donald Trump’s claims there were negotiations underway between the country and the White House.

China’s comments follow Trump’s suggestion he may consider reducing the 145% tariff rate on Chinese exports.

American consumers may start to feel the impact of supply chain disruptions soon, as ocean container bookings from China to the U.S. have decreased by at least 20% compared to last year.

Investors are also worried following recent comments. The Cboe Volatility Index, also known as VIX, is a fear gauge that tracks S&P 500 options contracts and trades. A VIX higher than 20 is considered a sign of uncertainty and potential decline in the market.

Supply chain experts say the real-world implications are even starker if tariffs do not relax.

“We’re in this very strange scenario where either there’s nothing available or he relaxes it and all of these goods and orders that got canceled will start to flow in,” Flexport CEO Ryan Petersen said. “In the meantime, ocean carriers have already started repositioning cargo ships and instead of serving China they’re going down to Vietnam.”