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.

President Donald Trump on Friday set negotiating terms for his administration’s first discussions with China, which are set to take place in Geneva this weekend.