U.S. President signals tariff cut for China soon

US President Donald Trump has indicated that he is prepared to reduce the high tariffs that are now in place on China, recognising that the two biggest economies in the world have effectively ceased doing business with one another because of the high tariffs.

Trump's 'America First' strategy includes a universal 10% tariff on the majority of goods entering the US, while levies on Chinese imports have been raised to 145%. China increased duties on American products by 125% in retaliation.

Financial markets have been shook by the growing trade dispute between Beijing and Washington, which might raise the price of manufacturing equipment as well as low-cost items that many Americans depend on, including toys and clothes.

In an interview on NBC's "Meet the Press with Kristen Welker," Trump stated, "At some point, I'm going to lower them, because otherwise, you could never do business with them, and they want to do business very much."

Beijing, meanwhile, said it was considering the possibility of trade negotiations with Washington on Friday, displaying the first indications that it may be willing to sit across the US at the negotiating table since Trump's tariffs were imposed last month.

"China is currently evaluating this," according to a statement from China’s Ministry of Trade, in response to the U.S. reaching out to hold talks regarding the ongoing trade war.

However, it stated that any negotiations would first need the US to be sincere. "The United States should be prepared and demonstrate its sincerity if it wishes to speak."

"In any possible dialogue or talks, if the US side does not correct its wrong unilateral tariff measures, it just means the US side is completely insincere and will further damage the mutual trust between the two sides," it stated.