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President Trump hinted at significantly lowering, but not eliminating, US tariffs on Chinese goods. His remarks, following Treasury Secretary Bessent's assertion that the high tariffs are unsustainable, sparked a market rally. Asian markets also saw gains. While Trump expressed optimism and a desire for amicable relations with China, China remains defiant and insists on equal terms for any negotiations. The hashtag "Trump chickened out" trended on Weibo.

Prepared by Christopher Adams and reviewed by editorial team.