Trump has changed his mind about firing Fed Chair Powell. Here’s why

Treasury Secretary Scott Bessent has repeatedly talked Trump of the ledge, says Julian Zelizer .

Zelizer: Markets rallied on Bessents ' comments that a deal with China might be in the offing.

Trump said tariffs on goods from China will “come down substantially,” adding that “we’re going to be very nice and they’ll be nice, and we'll see what happens” Zelizer says.