China led an informal U.N. Security Council meeting in which it accused the U.S. of using tariff policies to "bully" other countries. The U.S., in response, accused China of trying to manipulate the multilateral system.

President Donald Trump told reporters Tuesday that his 145% tariff on goods from China will come down “substantially.” “145% is very high and it won’t be that high. It’s not going to be that high,” he said, adding, “It will come down substantially, but it won’t be zero.”