WASHINGTON—President Trump said he is not planning to fire Federal Reserve Chairman Jerome Powell and he signaled that tariffs on China could be lowered, prompting relief from investors who had been spooked by the White House’s aggressive moves in recent weeks.

President Donald Trump on Tuesday backed off from threats to fire Federal Reserve Chair Jerome Powell after days of intensifying criticisms of the central bank chief for not cutting interest rates. "I have no intention of firing him,

President Donald Trump had criticized Fed Chairman Jerome Powell as 'a major loser,' but he has 'no intention of firing him.'