Small businesses will have no choice but to raise prices, cut staff, delay growth plans or shut down entirely just to keep up with the rising costs of imports they can’t source domestically, one expert said.

China exempted some U.S. imports from its steep tariffs in a sign on Friday that the trade war between the two countries could be easing, though China quickly knocked down U.S. President Donald Trump's assertion that negotiations were underway.

During a press gaggle on Air Force One, President Trump was asked what it would take for him to reduce tariffs on China.