U.S. President Donald Trump on Thursday signaled a potential end to the tit-for-tat tariff hikes between the U.S. and China that shocked markets, and that a deal over the fate of social media platform TikTok may have to wait.

President Trump claimed progress on multiple fronts in developing trade talks on Thursday as his tariff policy disrupts global trade relationships and increasingly hones in on China. Trump was optimistic about negotiations with China,

Trump tariffs in 2016 sent a glut of cheap Chinese imports, originally intended for the US, into South East Asia, hurting many local manufacturers. But they also opened new doors for other businesses, often into global supply chains that wanted to cut their dependence on China.

Beijing has wielded a wide range of punitive measures in recent days to strike back at Washington, including steps targeting American services sector.

The White House issued a Fact Sheet about the Section 232 investigation on its website on April 15, saying that China faces up to a 245 per cent tariff on imports to the United States as a result of its retaliatory actions.

China's economy expanded at a 5.4% annual pace in January-March, the government said Wednesday, supported by strong exports ahead of U.S. President Donald Trump’s rapid increases in tariffs on Chinese products.