President Trump has signaled that US trade deals with unspecified countries are in the pipeline this week as he attempts to ease worries about the risk of full-on global trade war. He also flagged in a Sunday TV interview that his administration is willing to soften the hefty 145% tariffs on imports from China.

Trump signals possible tariff cuts on Chinese goods amid economic strain, but no talks with Xi are planned. Trade tensions persist, affecting manufacturing and prices globally.

After all, China has become less reliant on American consumers since Trump’s first trade war in 2018. Exports to the US accounted for just 15% of the total in 2024, versus 20% a decade earlier. The economy will shrink by only about 3%, even if the entire trading route to the US gets wiped out.