Global markets reversed course following US President Donald Trump’s shift in tone on both China and Federal Reserve Chair Jerome Powell. Stocks rebounded, the US dollar strengthened, and gold prices retreated as investor sentiment improved.
Speaking at the White House on Tuesday, President Trump stated that tariffs on China would be reduced “substantially,” though “they won’t be zero”. His comments echoed earlier remarks by Treasury Secretary Scott Bessent, who said that high tariffs were not sustainable and that a de-escalation in the US–China trade war was expected.
