Trump reversals on Fed chair, China tariffs send markets higher

President Trump is seeking to end the trade war by lowering tariffs on Chinese goods, acknowledging the current 145% rate is too high. However, neither Trump nor Treasury Secretary Scott Bessent has indicated they'll lower tariffs without China reciprocating. This approach has initially boosted markets but cooled amid concerns about potential leverage from China and Trump's firm stance against unilateral changes. Trump also expressed a desire for mutual collaboration with China, while signaling his intention to maintain control over the Federal Reserve. The situation remains volatile as both sides navigate economic and political pressures.