President Donald Trump said high tariffs could be here to stay and he’d declare “total victory” if import taxes were as high as 50% a year from now, according to an interview with Time released Friday.

China has exempted some U.S. imports from its 125% tariffs and is asking firms to identify critical goods they need levy-free, according to businesses notified, in the clearest sign yet of Beijing's concerns about the trade war's economic fallout.