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%.

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.

Treasury Secretary Scott Bessent on Tuesday said the onus is on China to bring down its tariffs as he outlined how many jobs the world's second-largest economy stands to lose in a trade war.