Newsweek has contacted the White House and the Chinese Foreign Ministry for comment. President Donald Trump raised U.S. tariffs on China to a combined 145 percent, prompting the Chinese to retaliate with a 125 percent levy on American imports.

The president said reducing tariffs to 80 percent from the current 145 percent “sounds right,” as U.S. and Chinese negotiators prepare to meet in Switzerland.

Bitcoin is trading at $103,000 on May 10 as markets digest fresh comments from U.S. President Donald Trump, who said his administration will enforce a “baseline” 10% tariff on all imports, with room for exceptions only in “exceptional” cases.