US President Donald Trump has said a potential U-turn on his trade war with China was likely, amid continued market volatility.

He hinted specifically that the high tariffs imposed on Chinese goods will “come down substantially, but it won’t be zero” while remarking at a White House news event, CNN reported on Wednesday, April 23.

“145% is very high and it won’t be that high. It won’t be anywhere near that high. It’ll come down substantially. But it won’t be zero,” Trump was quoted as saying in a question-and-answer session with reporters in the Oval Office.

His recent comment appears to mark a rhetorical climbdown after weeks of tough imposing of tariffs on China and the later tit-for-tat retaliation.

Trump was also said to have expressed the hope of having China President Xi Jinping come to the negotiation table with him.

The report noted that Trump’s shift in tone also went viral on the Chinese internet on Wednesday, with the hashtag “Trump chickened out.”

The world’s two largest economies have slapped record tariffs on each other in a swiftly escalating fight that has roiled global markets, disrupted supply chains and stoked recession fears.

The trade war had seen China retaliate by raising tariffs on US goods to 125 per cent, adding more American companies to its export control list and unreliable entity list, and restricting the export of critical minerals used in everything from iPhones to missile systems.

Beijing also moved to exert pain on key US industries, restricting the number of Hollywood movies shown in the country and returning at least two Boeing jets intended for use by Chinese airlines to the US.

The US-China trade war is expected to hurt the global economy.

The ICIR reported that Trump’s tariff war has been widely criticised by global trade organisations, including the International Monetary Fund (IMF) and the World Trade Organisation (WTO) which see it as posing a significant risk to the global economy.

At the homefront, the Federal Government of Nigeria had decried the adverse effect the US tariffs would have on its oil and non-oil export businesses.

The Minister of Industry, Trade, and Investment, Jumoke Oduwole, had said it could potentially disrupt trade relations and affect the competitiveness of Nigerian products in the US market, especially in sectors reliant on market access and price competitiveness.

She noted a significant portion of over 90 per cent of Nigeria’s exports, comprising crude petroleum, mineral fuels, oils, and gas products, would be affected.

Another second-largest export category, accounting for approximately 2–3 per cent, includes fertilizers and urea, followed by lead, representing around one per cent of total exports, valued at approx $82 million, are also to be affected.

Nigeria also exports smaller quantities of agricultural products such as live plants, flour, and nuts, which account for less than two per cent of our total exports to the US.

Smaller businesses, particularly small and medium-sized enterprises (SMEs), that rely on the African Growth and Opportunity Act (AGOA) exemptions are also feeling the brunt of the new tariff.