Tariffs on China will remain at their current levels, according to Stephen Miran, a key architect of President Donald Trump’s trade policies. Miran’s comments come at a time when the administration is trying to calm nervous investors but offering mixed signals.

Monthly surveys of Chinese factory managers shows export orders slowed in April as higher tariffs on U.S. imports began to kick in.

"You don't know whether or not China's going to eat it," Trump said of the potential for tariffs on Chinese goods to increase consumer prices.