In the run up to the election Trump, who described tariffs as "the most beautiful word in the dictionary," vowed hikes as high as 60 percent on Chinese goods, saying this would not only protect domestic industries but serve as critical tax revenue. Economists have pointed out such a move would raise costs for American consumers.

It’s not yet known how Donald Trump will resolve TikTok’s complicated legal limbo, but what does seem clear is that the fate of the social media app is increasingly linked in the president's mind to his top issue of tariffs.

Gold (GC=F) nears a record high after US President Donald Trump said he would 'rather not' instate tariffs on China, a change from his rhetoric prior to his second inauguration. Seana Smith and Brad Smith take a closer look at Trump's comments and the market reaction on Morning Brief.