Trump proposed to lower tariffs on Chinese imports to 80% from 145% on eve of negotiations with the country's third-largest trading partner.

Economic analyst Peter Schiff wrote on X: "Investors are excited about Trump's trade deal with the U.K., our first victory in the trade war. The effective tariff rate on U.S. goods entering the U.K. is 0.5 percent. So, from the American perspective, what we stand to win from the deal is relief from Trump's tariffs on U.K. imports."

President Donald Trump remains firm that the United States is not going to unilaterally reduce tariffs on Chinese goods without concessions from China, the White House said on Friday, hours after Trump floated the idea of reducing the current rate of 145% down to 80% as the two sides prepare for talks between in Switzerland.