An executive order signed by President Donald Trump is slashing the "de minimis" tariff on cheap goods from China "from 120 percent to 54 percent."

The U.S. will cut the "de minimis" tariff for low-value shipments from China to as low as 30%, according to a White House executive order and industry experts, further de-escalating a potentially damaging trade war between the world's two largest economies.

The president has backtracked repeatedly on his tariff policies, creating a whiplash with downsides and few clear benefits so far.