China led an informal U.N. Security Council meeting in which it accused the U.S. of using tariff policies to "bully" other countries. The U.S., in response, accused China of trying to manipulate the multilateral system.

Treasury Secretary Scott Bessent told private investors during a meeting on Tuesday that the spiraling trade war between the United States and China was unsustainable and that he expects a "de-escalation" soon, according to a report from the Associated Press (AP). Newsweek has reached out to the White House for comment on Tuesday.