Global markets, already upended by a trade war, were battered further at the start of the week by fears the US president was looking to remove central bank boss Jerome Powell for not cutting interest rates, calling him a “major loser” and “Mr. Too Late”.
However, Trump looked to temper those fears Tuesday, saying: “I have no intention of firing him.”
“If he doesn’t, is it the end? No.”
Washington has imposed tariffs of 145 percent on a range of products from China, while Beijing has replied with 125 percent duties on imports from the United States.
“They will not be anywhere near that number,“ he said, but added that “it won’t be zero”.
White House Press Secretary Karoline Leavitt later said, “the president and the administration are setting the stage for a deal”, noting that “the ball is moving in the right direction”.
However, foreign ministry spokesman Guo Jiakun later in the day said that “the door for talks is wide open”.
Hong Kong surged on the back of a rally in tech firms including Alibaba and Tencent.
Taipei jumped more than four percent, helped by a seven percent surge in chip titan TSMC.
Gold, which had hit a record high above $3,500 Tuesday on a rush to safety, retreated to sit around $3,300, while the dollar clawed back some of its recent losses against the pound, euro and yen.
The gains followed rallies of more than two percent for all three main indexes in New York.
He added that the president's comments on Powell “should go some way to allaying fears of a major policy mistake”.
In company news, Japan's Sumitomo Rubber, which recently bought the Dunlop brand, rose 3.7 percent after it said it would hike tyre prices for US and Canadian cars and small trucks by up to 25 percent.
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