Talks with China will not materialize if the White House expects all get no give

So, good news. And bad news. Let's start with the good.

The US administration seems to be softening its tone somewhat when envisaging a possible deal with China, with the White House talking of a "substantial" lowering of tariffs on the country. The US increased tariffs on all imports from China to 145 percent earlier this month, while implying that the country faces up to a 245 percent tariff on some goods "as a result of its retaliatory actions". But the US president acknowledged on Tuesday that 145 percent is a "very high" level, and that he hopes it will "come down substantially" if the two sides engage in talks.

US Treasury Secretary Scott Bessent said on Tuesday that he expects a "de-escalation" in the trade war between the world's two largest economies, saying that the tariff showdown is unsustainable.