The scrappy trade hawk who helped design the much-maligned formula for Trump’s reciprocal levies has the president’s ear and his loyalty.

The S&P 500 is down more than 12% since President Donald Trump reentered the White House and launched a trade war with China.

A number of import taxes are still in place, and with many back-and-forth tariff actions and threats, it can be tough to keep track of where things stand.

Facing a global market meltdown, Trump on Wednesday abruptly backed down on his tariffs on most nations for 90 days, but raised his tax rate on Chinese imports to 125%.

Trump defended the tariffs he imposed on other nations but acknowledged some problems with the rollout in a meeting with his Cabinet, "but in the end it's going to be a beautiful thing." 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,

Fractured trade relations and a potential global recession are poised to reduce international sales and domestic output of fossil fuels.

President Donald Trump on Thursday said he would return to the higher tariff rates announced last week if he can't reach a deal with trading partners during the 90-day pause he announced on Wednesday.