Meanwhile, the White House raised the tariffs on all Chinese exports to 125% after Beijing's latest round of retaliation -- that's in addition to the 20% fentanyl-related tariffs imposed in early February, which brings the total rate for China to 145%, according to the White House.

President Trump paused his plan to increase tariffs on countries around the world, with the exception of China, a dramatic reversal after days of market turmoil that led to a surge of relief on Wall Street.

President Donald Trump’s rapid-fire trade war has set in motion a commercial rupture without precedent, which is rippling through the global economy in unpredictable and costly ways. The triple-digit taxes that the president has imposed on Chinese products — and China’s retaliatory measures — are expected to shrink trade between the world’s two largest economies from a recent annual peak of nearly $700 billion to almost nothing.