President Donald Trump suggested Friday that he was open to sharply reducing the tariffs the United States had imposed on China, as American and Chinese negotiators prepare to meet in Switzerland this weekend for high-stakes trade talks.

Trade tensions between the United States and China have roiled international markets and the global economy. The negotiations Saturday and Sunday are intended to de-escalate the situation and help set the stage for a broader trade pact between the two economic superpowers.

In a post on social media, Trump said an 80% tariff on China “seems right,” adding that it would be “up to Scott B,” an apparent reference to Treasury Secretary Scott Bessent.An 80% tariff would be a big drop from the current 145% Trump imposed on Chinese imports in recent months. But that high a level would still shut off most trade between the countries. Chinese data released Friday showed shipments from that country to the United States plunged 21% in April from the same period a year ago.

White House press secretary Karoline Leavitt said Friday afternoon the 80% figure was one Trump “threw out there” and that a reduction would only happen as part of a negotiation.

“The president still remains with his position that he is not going to unilaterally bring down tariffs on China,” Leavitt said. “We need to see concessions from them as well.”

It’s also unclear if the talks will lead to any short-term resolution for two governments that have serious economic disputes and have taken a harsh tone toward the other in recent months.

The Trump administration has been racing to strike trade deals with other countries before a self-imposed deadline for additional tariffs to go in effect on most trading partners. But it has remained in a standoff with China, which is already subject to a minimum tariff of 145% on all imports.

This week, the two sides agreed to hold meetings in Geneva that will include Bessent; Jamieson Greer, the U.S. trade representative; and He Lifeng, China’s vice premier for economic policy.

Stock markets in the United States opened higher Friday after Trump expressed a willingness to lower tariffs and said in a separate post that many trade deals were “in the hopper.” On Thursday, Trump highlighted a new preliminary economic pact with Britain as evidence that his tariff strategy is working.

The recent elevation of Bessent, who is viewed as a pragmatist on trade, to lead the talks with China has also helped to calm markets. Bessent has argued that the tariffs and trade restrictions the United States and China have levied are “unsustainable” and has urged Beijing to begin talks to address what the Trump administration views as unfair trade practices.

Despite signs of greater flexibility from Trump, an 80% tariff may not be low enough to restart business across the Pacific.

While it differs from company to company, some executives have said that tariffs above 50% are generally enough to freeze exports to the United States. Companies that are not able to find an alternative source of supply for their products outside China are facing the prospect of bankruptcy and layoffs as the summer grinds on and even 25% tariffs can be crippling.

Speaking at the Milken Institute Global Conference in Los Angeles this week, Jane Fraser, the CEO of Citigroup, said companies could withstand lower tariffs, though trade uncertainty had forced them to pause investment and hiring.

“If it is 10%, most of the clients we talk to say, ‘Yeah, we can absorb that,’” she said. “If it is 25%, not so much.”

Economists have warned that the chances of a recession in the United States are rising because of Trump’s tariffs. Last month, the International Monetary Fund downgraded its outlook for the United States and global output.

While some companies have started to increase their prices as a result of the levies, the effects of Trump’s tariffs haven’t been so obvious yet for U.S. consumers. That is because it takes many weeks to ship items to the United States from China by sea, and because companies have stockpiled generous amounts of inventory ahead of the tariffs coming into effect.

But as trade between the United States and China remains at a standstill, those effects start to compound and become more apparent, in the form of higher prices and short supply.

“The companies know what’s happened,” said Ryan Peterson, the CEO of Flexport, a logistics company. “Their business models are under a huge amount of pressure.”

The longer the United States waits to make changes to tariffs, he added, “the more severe the shock will be.”

It remains unclear how Beijing will receive Trump’s change of tone. After weeks of refusing to “kneel down” to the demands of the United States, China said it had decided to come to the table because of “global expectations, China’s interests and the calls of American industry and consumers.”

But it has also struck a defiant tone.