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.”

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

U.S. Treasury Secretary Scott Bessent said on Wednesday that he believes that excessively high tariffs between the U.S. and China will have to come down before trade negotiations can proceed but said President Donald Trump would not unilaterally cut tariffs on Chinese imports.

The Asian nation is starting to look elsewhere for the liquefied petroleum gas that makes propane and plastics.

China has begun returning Boeing aircraft that were previously ordered from the United States, marking a substantial retaliation against tariffs imposed by the Trump administration. Boeing's chief executive,