Barely three months into his second term as president, Donald Trump has already sent out a series of mixed messages about his tariff policy. But there’s one consistent theme running through it all: Trump is determined to recast the economic relationship of the United States with China.

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.