Rising hopes of easing tensions in the trade war between the US and China. 

Donald Trump's signalling a potential U-turn, saying the 145% tariffs on Chinese goods are "very high" and will "come down substantially". 

But the two countries are yet to hold any formal trade talks. 

Economist Doug Holtz-Eakin —a former adviser to John McCain— told Mike Hosking if Trump keeps waiting for Xi Jinping's call, he'll be waiting a long time. 

He says China has no reason to come to the table, and intermediaries will need to get involved to get both sides talking. 

LISTEN ABOVE