China caved on one of its major 125% tariffs against ethane imports from the U.S. on Tuesday, having initially imposed the tariff last month.

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.

Trump's erratic, and often confusing, rollout of tariffs has hit countries ranging from the largest U.S. trading partners, like Canada, Mexico and China. The result has been almost unprecedented market volatility and serious damage to investor trust in U.S. assets.