The Trump administration is mulling steep tariff cuts on China imports, signaling a de-escalation in the trade war. Trump’s reversal lifts investor sentiment.

President Trump said 145% tariffs on Chinese imports will "come down substantially" as his administration expressed optimism about a trade deal.

US President Donald Trump has signaled a potential U-turn on his trade war with China, saying the high tariffs on Chinese goods will “come down substantially, but it won’t be zero.”