The Latest: Treasury Secretary Says Trade War With China Is Not 'sustainable'

Here's the Latest:

U.S. markets are poised to open with big gains, a clear signs of relief after President Donald Trump said he would not attempt to fire the head of the Federal Reserve.

U.S. Treasury Secretary Scott Bessent also said Tuesday that the ongoing tariffs showdown against China is unsustainable and he expects a "de-escalation" in the trade war between the world's two largest economies. With Tesla profits tanking, billionaire Elon Musk said he advised Trump against tariffs and he'll now spend less time in Washington slashing government costs.

Two major law firms will be in court asking judges on Wednesday to permanently block Trump's executive orders that are designed to punish them and hurt their business operations.

And U.S. partners are taking stock of Secretary of State Marco Rubio 's plans for a massive overhaul of the State Department including closing or consolidating more than 100 bureaus worldwide.