WASHINGTON—After threatening to slap China with new tariffs, Trump administration officials on Sunday softened some of the rhetoric, noting that the penalties aren’t imminent and there is ample time to work out a deal and step back from a possible trade war.

President Donald Trump on Thursday signaled an escalation in a trade dispute with China, warning that he might impose tariffs on an additional $100 billion of goods imported from China, apart from tariffs on $50 billion in imports he had announced earlier in the week.

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