President Donald Trump opened the door to lowering tariffs on China to 80% from 145% ahead of a weekend meeting between U.S. and Chinese officials. While that’s a step in the right direction to thawing relations between the world’s two largest economies,

BEIJING (Reuters) -Since U.S. President Donald Trump imposed steep tariffs on China last month, Beijing has responded in kind. But behind closed doors, Chinese officials have grown increasingly alarmed about tariffs' impact on the economy and the risk of isolation as China's trading partners have started negotiating deals with Washington,

U.S. President Donald Trump said on Thursday he expects there to be substantive negotiations between the United States and China on trade this weekend and predicted that punitive U.S. tariffs on Beijing of 145% would likely come down.

A s China’s export machine sputters under the weight of 145% tariffs, jobs are at risk. Some 16m workers are involved in the production of goods bound for America, says Goldman Sachs, a bank. Nomura, another bank, projects a possible 5.7m job losses in the near term and 15.8m in the long run, as the shock ripples through the economy.

The U.S. and China will meet this weekend for high-stakes talks over tariffs. Meanwhile, the fed chair said the economy is in ‘solid shape’ but warned about the impact of long-lasting tariffs. NBC News’ Gabe Gutierrez reports.