U.S. President Donald Trump on Thursday signaled a potential end to the tit-for-tat tariff hikes between the U.S. and China that shocked markets, and that a deal over the fate of social media platform TikTok may have to wait.

China is facing a double whammy: corrosive deflation and tariffs that threaten to block trade. Chinese workers will be the biggest casualties.

When US President Donald Trump hit China with tariffs in his first term, Vietnamese entrepreneur Hao Le saw an opportunity. His company is one of hundreds of businesses that have emerged to compete with Chinese exports that have increasingly been facing restrictions from the West.