Donald Trump's recent threat to impose 25 percent tariffs on Canada and Mexico are a negotiating tactic, the president's long-time informal economic advisor argued Wednesday.

The president postponed what appeared to be a looming clash on trade and expressed a willingness to talk business, but he remains critical of Beijing.

US President Donald Trump has said he is considering imposing a 10% tariff on imports of Chinese-made goods as soon as 1 February. Trump said discussions with his administration were "based on the fact that they're sending fentanyl to Mexico and Canada".