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%.

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.

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.