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.

Beijing says it will meet with American officials to discuss trade, but warned Washington against using the engagement to ratchet up pressure on China.

Treasury Secretary Scott Bessent will lead the U.S. negotiations on trade with China, an administration official said Wednesday. The confirmation, while not unexpected, signals the importance the administration is placing on the negotiations as President Donald Trump’s trade war with China begins wreaking havoc on U.