Key Takeaways President Donald Trump said Sunday that the high tariffs against China, imposed in April, are only meant to be temporary, raising hopes in financial markets of a trade deal between the world's two largest economies.

China has said it's evaluating approaches from US officials to start negotiations about tariffs, a potential deescalation in the trade war that has raised hopes formal trade talks could start soon. "If we fight,

Despite mounting financial pressure, China says it won’t negotiate until the Trump administration shows “sincerity” by canceling tariffs on its goods.