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.

US President Donald Trump said he believed trade negotiations launching this weekend with China would result in tangible progress, predicting Beijing would be willing to make concessions and saying he could consider cutting punishing tariffs against the country if there were significant momentum.

The Treasury secretary and trade representative plan to meet with Chinese officials this weekend to discuss trade and economic matters.