China is considering exempting some U.S. imports from its 125% tariffs and is asking businesses to provide lists of goods that could be eligible in the biggest sign yet that Beijing is worried about the economic fallout from its trade war with Washington.

China’s government is considering suspending its 125% tariff on some US imports, people familiar with the matter said, as the economic costs of the tit-for-tat trade war weigh heavily on certain industries.