Chief executives of Walmart, Target and Home Depot reportedly warned Trump that supply chain disruptions were already underway and would lead to empty shelves at U.S. stores in a matter of weeks.

US President Donald Trump has signaled a potential U-turn on his trade war with China, saying the high tariffs on Chinese goods will “come down substantially, but it won’t be zero.”

Levies could be cut by more than half in some cases although President Trump hasn’t yet made a final decision.

Treasury Secretary Scott Bessent said Wednesday that President Trump will not reduce tariffs on China without an agreement by both governments to deescalate their trade conflict.

The Trump administration would look at lowering tariffs on imported Chinese goods pending talks with Beijing, a source familiar with the matter said on Wednesday, adding that any action would be in conjunction with negotiations and not made unilaterally.