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.

Beijing warned it wouldn’t negotiate under continued threats from the White House. “China’s attitude towards the tariff war launched by the U.S. is quite clear: We don’t want to fight, but we are not afraid of it.

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