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

Treasury Secretary Scott Bessent told private investors during a meeting on Tuesday that the spiraling trade war between the United States and China was unsustainable and that he expects a "de-escalation" soon, according to a report from the Associated Press (AP). Newsweek has reached out to the White House for comment on Tuesday.

Trump also said he didn’t see the need to say he’d “play hardball” with Chinese leader Xi Jinping and that during discussions he wouldn’t raise COVID-19.

Ever since President Donald Trump introduced his first set of higher tariffs, it’s been a waiting game to see just how big an impact they’ll have on the global economy.

President Donald Trump says "there's a real chance" tariff revenue can replace the income tax. Economists say a full replacement isn't likely.

The outlook for the U.S. and global economies this year and next has significantly worsened in the wake of President Donald Trump’s tariffs and the uncertainty they have created