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Donald Trump has started signaling that he's ready to slash tariffs on Chinese imports, but economists have warned that the US softening its stance now likely cedes power to China, which perhaps benefits from dragging out trade talks.

On Tuesday, Trump confirmed that he is willing to reduce 145 percent tariffs on all Chinese imports. A senior White House official told The Wall Street Journal that the tariffs may come "down to between roughly 50 percent and 65 percent." Or perhaps the US may use a tiered approach, charging a 35 percent tax on goods that don't threaten national security, while requiring 100 percent tariffs on imports "deemed as strategic to America’s interest," other insiders told the WSJ.

For now, Trump is being vague, only confirming that tariffs "won't be that high" or "anywhere near" 145 percent. Attempting to maintain a tough veneer, Trump warned that China must act quickly to make a deal to end the trade war or else risk making concessions that China may not consider ideal.

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