The Trump administration will consider significantly lowering tariffs to ease tensions during weekend talks with China, Bloomberg quoted sources as saying. The talks will be held in Geneva on Saturday, with US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng representing the two countries.

It was reported that the US' initial goal is to reduce tariffs to less than 60%, and that China may follow. If progress is made in the 2-day talks, adjustments could be finalized as early as next week. US sources added that the talks will be more focused on expressing dissatisfaction than on finding a solution.

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Another key US demand is to ensure that China removes export controls on rare earths used to make magnets, as a series of industries are already facing supply disruptions, according to insiders. Progress has been made on the fentanyl issue. The two sides may soon hold separate talks on reducing China's exports of raw materials used to produce opioids.

The three major US index futures jumbled within a narrow range, with DJIA futures last sliding 37 points or 0.1% at 41,431. S&P 500 futures inched up 4 points or less than 0.1% to 5,688, while Nasdaq futures added 41 points or 0.2% to 20,189.