President Trump felt "horrible" about the impacts of tariffs on China that hit American businesses in April, Commerce Sec. Howard Lutnick said at an Axios event on Wednesday. Why it matters: Lutnick said the pain was necessary — but he again insisted prices won't rise for consumers.

Some have rushed to take advantage of the rollback by frontloading and stockpiling shipments. Container bookings for China to U.S. routes soared nearly 300% in the days after the truce was announced, particularly as businesses anticipate end-of-year holiday shopping demand.

It's a pattern in President Trump's chaotic tariff policy: he first suggests a high number, only to later ratchet it down. Business schools call it the 'anchor effect.'