Shipments to the U.S. sank 21% in dollar terms as Trump’s tariffs on most Chinese exports rose to as high as 145%. With Chinese tariffs on U.S. goods at 125%, business between the two biggest economies has grown increasingly uncertain.

China has cut interest rates and bank reserve requirements as part of a barrage of measures meant to counter the blow to its economy from U.S. President Donald Trump’s trade war

The president said reducing tariffs to 80 percent from the current 145 percent “sounds right,” as U.S. and Chinese negotiators prepare to meet in Switzerland.