The move by the Trump administration to lower tariffs on goods from China to 30% from 120%, still offers limited reprieve for US small businesses, who remain cautious as tariffs are still sky high by historical levels and are also pressuring profits.

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

The Trump administration has made moves to ease tariff tensions with China but new reports indicate that prices, including for cars, are on the rise.