Trump proposed to lower tariffs on Chinese imports to 80% from 145% on eve of negotiations with the country's third-largest trading partner.

President Donald Trump on Friday floated cutting tariffs on China from 145% to 80% ahead of a weekend meeting among top U.S. and Chinese trade officials as he looks to deescalate the trade war between the world's two largest economies.

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.