A panel of judges at the U.S. Court of International Trade ruled not to issue a temporary restraining order against Trump’s tariffs, siding against a coalition of business groups who argued the tariffs should immediately be paused while the litigation gets underway.

President Donald Trump said he plans to be “very nice” to China in any trade talks and that tariffs will drop if the two countries can reach a deal, a sign he may be backing down from his tough stance on Beijing amid market volatility.