Trump signals cooling trade tensions with Beijing with possible tariff reductions

In the meantime, U.S. President Donald Trump has signaled easing trade tensions with China, as countries around the world push to negotiate lower tariffs.

Speaking from the Oval Office on Tuesday, he said tariffs on Chinese goods could be "substantially" reduced, though not eliminated, under any forthcoming agreements.

His remarks came after the U.S. Treasury Secretary expressed optimism about a potential de-escalation, but described negotiations with Beijing as a "slog" that has yet to officially begin.

According to the White House, 34 countries are set to meet with Trump's trade team this week, with 18 having already submitted proposals.