By Richa Naidu, Hyunjoo Jin, Jessica DiNapoli LONDON/SEOUL/NEW YORK (Reuters) -Businesses across multiple industries are hiking prices, backing away from previous financial guidance and warning of growing uncertainty as U.

Treasury Secretary Scott Bessent said President Trump will not reduce tariffs on China without an agreement by both governments to de-escalate their trade conflict.

The Trump administration would look at lowering tariffs on imported Chinese goods pending talks with Beijing, a source familiar with the matter said on Wednesday, adding that any action would not be made unilaterally.

China exempted some U.S. imports from its steep tariffs in a sign on Friday that the trade war between the two countries could be easing, though China quickly knocked down U.S. President Donald Trump's assertion that negotiations were underway.

Advisers have begun to turn on each other as the fallout from President Donald Trump's trade decisions has thrown the financial markets into a tailspin.

Elon Musk says he will spend more time at Tesla, but the White House expects him to continue “dedicating a lot of his time”’ to supporting the president.

Elon Musk says he's scaling back his work in Washington D.C. and returning to Tesla. He and DOGE had promised to cut $2 trillion from the federal budget.