Bangladesh, May 10 -- In a major potential shift in US economic policy, the administration of President Donald Trump is preparing to significantly reduce tariffs on Chinese goods as trade talks between Washington and Beijing approach. Sources familiar with the negotiations told the New York Post that a sharp cut in tariffs – from the current punishing 145% to a range of 50–54% – could be implemented as early as next week to ease escalating tensions and revive hopes for a broader trade agreement.

Trump, who had previously championed steep tariffs as a necessary response to Chinas alleged unfair trade practices and national security concerns, surprised many observers this week by signaling a softer approach. In a May 9 po...