Markets jump higher after Trump softens rhetoric on China and Fed chair. President Donald Trump showed a softer position toward the eye-watering tariffs he had set for China, but he also said he would not immediately replace the Federal Reserve's leadership. As a result, U.S. equities began higher Wednesday. Elon Musk's impending return to a more full-time focus on Tesla, reducing his contentious time as a Trump White House adviser to one or two days per week, also gave investors hope.