President Donald Trump on Friday floated cutting tariffs on China from 145% to 80% ahead of a weekend meeting among top U.S. and Chinese trade officials as he looks to deescalate the trade war between the world's two largest economies.

An 80% levy would be a significant reduction from the 145% tariff currently facing many Chinese goods. However, that number could still be seen as prohibitive to trade. It is unclear if Trump wants the 80% rate to be the long-term tariff for China,