The president postponed what appeared to be a looming clash on trade and expressed a willingness to talk business, but he remains critical of Beijing.

US President Donald Trump has said he is considering imposing a 10% tariff on imports of Chinese-made goods as soon as 1 February. Trump said discussions with his administration were "based on the fact that they're sending fentanyl to Mexico and Canada".

President Donald Trump on Tuesday doubled down on his threat to impose stiff tariffs on the United States’ top trading partners Feb. 1, despite allies’ assertions Tuesday that the tariff agenda is likely to take shape over a longer, 100-day period.

Iron ore and most base metals fell after US President Donald Trump said that he could hit China with 10% tariffs on all imports from as early as next month.

It follows threats by Trump to levy import taxes of 25% on Mexico and Canada, accusing them of allowing undocumented migrants and drugs into the US.

The Trump administration is discussing a 10% punitive duty on Chinese imports. Trump said the EU also has troubling trade surpluses with the United States.

For President Xi Jinping, the stage was set for an explosive start to Donald Trump’s presidency, after he campaigned on a promise to punish China with tariffs. Instead, the American leader’s first day back in office bought Beijing some unexpected breathing room.