President Donald Trump said he plans to be “very nice” to China in any trade talks and that tariffs will drop if the two countries can reach a deal, a sign he may be backing down from his tough stance on Beijing amid market volatility.

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

President Donald Trump moved to ease investor concerns over escalating trade tensions, stating today that the proposed tariff on Chinese imports "won't be anywhere near" the 145% figure previously floated.