The administration later walked back its initial proposal, and announced April 9 it would immediately hike tariffs on Chinese goods to 145%, but scale back reciprocal tariffs on other countries for 90 days to a baseline of 10%. In response, China proceeded to boost its tariffs on U.S. goods to 125%.

U.S. Treasury Secretary Scott Bessent predicted on Tuesday that China could lose 10 million jobs quickly due to tariffs and that Beijing will see over time that Chinese tariffs are not sustainable. (Reporting by Andrea Shalal and Steve Holland;

Trump's erratic, and often confusing, rollout of tariffs has led to unprecedented market volatility and serious damage to investor trust in U.S. assets.