China, which Trump announced will get hit with a 10 percent tariff starting Tuesday, will reportedly have a call with the White House soon. Early Tuesday, Beijing announced a 15 percent levy on certain types of coal and natural gas, and a 10 percent tariff on various vehicle parts, machinery, and crude oil.

Investors bought dollars, sold stocks and fretted about inflation on Monday in a scramble to assess the risk of trade war after Donald Trump put tariffs on top U.S. trading partners.

Emerging-market stocks and currencies rallied as fears eased Tuesday that President Donald Trump’s threats would spark a full-blown trade war.