Stocks surged for a second day as President Trump appeared to soften his stance over tariffs on imports from China. The President said he will strike a ‘fair deal’ with China. NBC News’ Peter Alexander reports.

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.”

Treasury Secretary Scott Bessent told private investors during a meeting on Tuesday that the spiraling trade war between the United States and China was unsustainable and that he expects a "de-escalation" soon, according to a report from the Associated Press (AP). Newsweek has reached out to the White House for comment on Tuesday.