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Stocks are trimming gains after President Donald Trump noted US levies on China won’t be dropped unless “they give us something substantial,” adding that opening up the country would be a “big win.”

He also noted that another tariff pause is unlikely.

Trump says he is “speaking to a lot of people from China” when a reporter asks if he has spoken to President Xi since taking office.

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Nasdaq is still less than 2% away from pre-Liberation-Day levels...

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Prior to these comments given to reporters on Air Force One as Trump heads to the Pope's funeral, the president told Time magazine in an interview released Friday that 20%, 30% or 50% tariffs a year from now would be a “total victory."

“The deal is a deal that I choose,” Trump said in the interview.

“What I’m doing is I will, at a certain point in the not too distant future, I will set a fair price of tariffs for different countries.”

Headline roulette remains firmly in place as the world appears ready to take China's side against The White House's claims that there are ongoing talks with Beijing.

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