President Donald Trump announced a major reduction in tariffs on Chinese goods, according to the Associated Press. The president dialed back the previous 145% import rate but clarified the new level “won’t be zero.” At a Tuesday press conference, Trump responded to Treasury Secretary Scott Bessent’s warning that current tariffs were “unsustainable,” agreeing that a lower rate was needed to de-escalate the U.S.-China trade war. Trump emphasized optimism, saying the U.S. was “doing fine with China” and pledged to be “very nice” to President Xi Jinping.