The White House said Tuesday that it was “setting the stage for a deal with China” on trade as administration officials seek to reassure nervous financial markets and investors that progress with

The Trump administration on Tuesday signaled the possibility of cooling trade tensions between the U.S. and China. Why it matters: Investors are hoping for deals that might roll back the steep tariffs on Chinese goods that are expected to roil the global economy.

White House officials clarified on Thursday that the 125 percent tariff the president announced on Wednesday was in addition to a 20 percent added to the country since President Trump returned to office.