The US is considering slashing its tariffs on China's goods at trade talks this weekend, after President Trump's promised that the 145% rate was "coming down." On Friday morning, Trump posted on Truth Social: "80% Tariff on China seems right!

Trump’s escalation sent financial markets tumbling and left U.S. retailers warning that they might run out of goods as U.S.-China trade implodes. U.S. consumers, worried about the prospect of empty shelves and higher prices, are losing confidence in the economy.

High-level talks between the United States and China have begun in Geneva, Switzerland, Chinese state media reported on Saturday, in a possible thaw in the trade war sparked by President Donald Trump’s massive tariffs.