The White House backed off from the steepest levies, as the costs of an all-out trade war with China threatened global economic growth.

The United States will cut the "de minimis" tariff for low-value items imported from China, a White House executive order said on Monday, further de-escalating a potentially damaging trade war between the world's two largest economies.

President Trump’s administration is reducing tariffs on small packages from China from 120 percent to 54 percent in light of the three-month trade truce with Beijing. The White House announced the