The Trump administration is heading into weekend talks with China contemplating a potentially dramatic tariff reduction in a de-escalatory move that would see both sides slash duties from prohibitive levels set last month to temper the economic pain both are already starting to feel.

With time running out on his 90-day tariff pause, Donald Trump and his team have yet to announce a new trade agreement.

The Treasury secretary and trade representative plan to meet with Chinese officials this weekend to discuss trade and economic matters.