Trump says he won't play hardball with China on trade

Driving the news: President Trump, in an Oval Office news conference, told reporters he did not intend to play hardball with China in making a trade deal.

• He also indicated that the ultimate tariff on China won't be 145%, though it won't fall all the way to zero, either.

Zoom out: His comments follow two earlier headlines from his administration that, collectively, suggest a somewhat softer stance.

• "We're doing very well with respect to a potential trade deal with China," White House press secretary Karoline Leavitt told reporters earlier Tuesday.
• "The president and the administration are setting the stage for a deal with China," Leavitt added. "Everyone involved wants to see a trade deal happen and the ball is moving in the right direction."
• Leavitt's statement followed reports from Bloomberg and CNBC that Treasury Secretary Scott Bessent told a private group he anticipates the U.S.-China trade war will de-escalate soon.

By the numbers: Stocks rallied strongly Tuesday on hopes of cooling tensions, and rose further in after-hours trading as Trump spoke.

The bottom line: The White House is turning down the heat on the tit-for-tat trade war with China, which has prompted sharp downgrades to economic growth and sent financial markets into a tailspin.

Editor's note: This story has been updated with comments by President Trump.