Donald Trump said Tuesday he had no intention of firing the chair of the US Federal Reserve and signalled a "substantial" lowering of tariffs on China -- moves that brought relief to global markets spooked by his aggressive policies.

President Donald Trump said he plans to be “very nice” to China in any trade talks and that tariffs will drop if the two countries can reach a deal, a sign he may be backing down from his tough stance on Beijing amid market volatility.

President Trump said 145% tariffs on Chinese imports will "come down substantially" as his administration expressed optimism about a trade deal.