U.S. President Donald Trump indicated late Thursday that his Chinese counterpart Xi Jinping has reached out about a trade deal, boosting hopes that the tensions between Washington and Beijing could cool.

Trump tariffs in 2016 sent a glut of cheap Chinese imports, originally intended for the US, into South East Asia, hurting many local manufacturers. But they also opened new doors for other businesses, often into global supply chains that wanted to cut their dependence on China.